The following data were extracted from the income statement of Saleh Inc.: a. Determine for each year
Question:
The following data were extracted from the income statement of Saleh Inc.:
a. Determine for each year
(1) The inventory turnover
(2) The number of days’ sales in inventory. Round to the nearest dollar and one decimal place.
b. What conclusions can be drawn from these data concerning theinventories?
Transcribed Image Text:
Preceding Year Sales Beginning inventories Cost of goods sold Ending inventories Current Year $12,750,000 840,000 6,375,000 860,000 $13,284,000 800,000 7380,000 840,000
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a 17 466 6 375 000 365 days 20 219 7 380 000 365 days b The invent...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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