The following data were extracted from the income statement of Brecca Systems Inc.: a. Determine for each
Question:
The following data were extracted from the income statement of Brecca Systems Inc.:
a. Determine for each year
(1) The inventory turnover
(2) The number of days’ sales in inventory. Round to nearest dollar and one decimal place.
b. What conclusions can be drawn from these data concerning theinventories?
Transcribed Image Text:
Current Year Preceding Year Sales Beginning inventories Cost of goods sold Ending inventories 9,700,000 420,000 5,820,000 550,000 $7,175,000 400,000 4,305,000 420,000
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a 1 Inventory Turnover Current Year 120 Preceding Year 105 2 Number ...View the full answer
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