The following data were extracted from the income statement of Hestia Systems Inc.: a. Determine for each

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The following data were extracted from the income statement of Hestia Systems Inc.:

a. Determine for each year (1) the inventory turnover and (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?

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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Oct 14, 2011 05:30 AM

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The following data were extracted from the income statement of Hestia Systems Inc.: a. Determine for each

Question:

Current Year $2,443,600 158,000 1,221,800 140,000 Preceding Year $2,592,000 130,000 1,440,000 158,000 Sales Beginning inventories Cost of goods sold Ending inventories

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a 1 2 b The inventory position of the business has deteriorated The inventory turnover h...View the full answer

Financial and Managerial Accounting

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