(a) Cody Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows

Determine the value of the company’s inventory under the lower-of-cost-or-market approach.
(b) Early in 2017, Yeng Company switched to a just-in-time inventory system. Its sales, cost of goods sold, and inventory amounts for 2016 and 2017 are shown below.

Determine the inventory turnover and days in inventory for 2016 and 2017. Discuss the changes in the amount of inventory, the inventory turnover and days in inventory, and the amount of sales across the twoyears.

  • CreatedMarch 02, 2015
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