The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales
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Question:
The following data were extracted from the income statement of Shriver Inc.:
Current Year | Prior Year | |||
Sales | $1,022,000 | $1,064,300 | ||
Beginning inventories | 64,140 | 53,072 | ||
Cost of merchandise sold | 511,000 | 591,300 | ||
Ending inventories | 57,940 | 64,140 |
a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory.
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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