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

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

The following data were extracted from the income statement of 129238

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

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Accounting

ISBN: 978-0324401844

22nd Edition

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

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Question Posted: Jul 17, 2012 06:51 AM

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

Question:

Current Year Preceding Year Sales Beginning inventories Cost of goods sold Ending inventories $756,000 67,200 492,000 64,000 $950,760 44,000 528,200 67,200

Step by Step Answer:

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

Accounting

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