Selected financial statement information relating to inventories for General Electric (GE) is given below. 1. Compute GE's
Question:
Selected financial statement information relating to inventories for General Electric (GE) is given below.
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1. Compute GE's number of days' sales in inventory for 2005 using
(a) The FIFO valuation for inventory and
(b) The LIFO valuation for inventory. Are the differences significant enough to concern you?
2. Suppose that GE purchases its inventory with the terms "net 30 days." That is, GE's creditors expect payment in 30 days. Is GE going to have a cash flow problem?
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Step by Step Answer:
1 a Under FIFO days sale in inventory 3654616910805 854 ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
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