Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year

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Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year as well as the profitability of inventory sales in each year. What conclusions would you make concerning the inventorytrend?

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 29, 2012 01:14 AM

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Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year

Question:

2011 2010 2009 Sales Cost of goods sold: $125,000 $100,000 $75,000 Beginning inventory Purchases $ 30,000 S 25.000宰5,000 80,000 85.000 $135,000 $105,000 $90,000 30,000 25,000 $90,000 75,000 $65,000 05,000 Ending inventory 45,000 Gross profit S35000 25.000 $10,000

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2011 2010 2009 Gross profit percentage 28 25 13 Inventory turnover x average inventory 24 27 43 Numb...View the full answer

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