Pier 1 imports reported cost of sales of $957 million for fiscal 2008. Inventory decreased during the
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Pier 1 imports reported cost of sales of $957 million for fiscal 2008. Inventory decreased during the year from $412 million to 316 million, and accounts payable (related to inventory purchases) decreased from $106 million to $81 million.
(a) Estimate the cost of inventories purchased during 2008.
(b) Estimate the cash payments made to inventory suppliers during 2008.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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