a. Jeri Company sells three different categories of tools (small, medium and large). The cost and market

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

A. Jeri Company sells three different categories of tools (small,

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

A. Jeri Company sells three different categories of tools (small,

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 2 years.

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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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