Pier 1 Imports reported cost of sales of $1.1 billion for fiscal 2014. Inventory increased during the
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Pier 1 Imports reported cost of sales of $1.1 billion for fiscal 2014. Inventory increased during the year from $378 million to $479 million, and accounts payable (related to inventory purchases) increased from $84 million to $103 million.
a. Estimate the cost of inventories purchased during 2014.
b. Estimate the cash payments made to inventory suppliers during 2014.
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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a Cost of inventories purchased during 2014 equals Inventory beginning balance 378 ...View the full answer
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