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Question 1
Question 1
Question 1
Inventory Ratio CalculationsMcMahan, LTD. provided the following data for 2008 and 2009:

Inventory   December 31, 2007 $178,000 December 31, 2008 187,000 December 31, 2009 194,000 Cost of goods sold   2008 $545,000 2009 590,000 Gross margin   2008 $253,000 2009 288,000
Inventory   December 31, 2007 $178,000 December 31, 2008 187,000 December 31, 2009 194,000 Cost of goods sold   2008 $545,000 2009 590,000 Gross margin   2008 $253,000 2009 288,000
Inventory  
Inventory
 
December 31, 2007 $178,000
December 31, 2007
$178,000
December 31, 2008 187,000
December 31, 2008
187,000
December 31, 2009 194,000
December 31, 2009
194,000
Cost of goods sold  
Cost of goods sold
 
2008 $545,000
2008
$545,000
2009 590,000
2009
590,000
Gross margin  
Gross margin
 
2008 $253,000
2008
$253,000
2009 288,000
2009
288,000

 
Do not round until your final answers. Round all calculations to two decimal places.(a) Calculate the inventory turnover ratio for 2008 and 2009.2008 _________ times
Do not round until your final answers. Round all calculations to two decimal places.

2009 _________ times

(b) Calculate the gross margin return on inventory investment for 2008 and 2009.
2008 _________
2009 _________

(c) Which of the following is an indication that McMahan has become more lean in 2009 than in 2008?
a.

b.  

c.  

d.  

e.  

Question 2:
Question 2:
Question 2:
Interdepartment Services: Step MethodO’Brian’s Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O’Brian’s allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows:

Direct department cost $6,100 $3,900 $12,800 $20,000 $16,050 Number of employees 4 2 9 14 4 Gross payroll $6,100 $3,300 $10,900 $16,900 $8,300

Direct department cost $6,100 $3,900 $12,800 $20,000 $16,050 Number of employees 4 2 9 14 4 Gross payroll $6,100 $3,300 $10,900 $16,900 $8,300
Direct department cost $6,100 $3,900 $12,800 $20,000 $16,050
Direct department cost
$6,100
$3,900
$12,800
$20,000
$16,050
Number of employees 4 2 9 14 4
Number of employees
4
2
9
14
4
Gross payroll $6,100 $3,300 $10,900 $16,900 $8,300
Gross payroll
$6,100
$3,300
$10,900
$16,900
$8,300

 
(a) Determine the percentage of total Personnel Department services that was provided to the Payroll Department. (Round your answer to one decimal place.)Answer

%

(b) Determine the percentage of total Payroll Department services that was provided to the Personnel Department. (Round your answer to one decimal place.)
__________%

(c) Prepare a schedule showing Personnel Department and Payroll Department cost allocations to the operating departments, assuming O’Brian’s uses the step method.
 __________ %
Do not round until your final answers. Round answers to the nearest dollar.
Do not round until your final answers. Round answers to the nearest dollar.
Total costs $_________ $_________ $_________ $_________ $_________

Total costs $_________ $_________ $_________ $_________ $_________
Total costs $_________ $_________ $_________ $_________ $_________
Total costs
$_________
$_________

$_________
$_________
$_________
$_________
$_________
$_________
$_________
$_________

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