Early in 2014, Lausanne Company switched to a just-in-time inventory system. Its sales, cost of goods sold,

Question:

Early in 2014, Lausanne Company switched to a just-in-time inventory system. Its sales, cost of goods sold, and inventory amounts for 2013 and 2014 are shown below.

2014 2013 Sales Cost of goods sold Beginning inventory CHF3,120,000 1,200,000 CHF3,713,000 1,425,000 180,000 220,000 220

Determine the inventory turnover and days in inventory for 2013 and 2014. Discuss the changes in the amount of inventory, the inventory turnover and days in inventory, and the amount of sales across the two years.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting IFRS

ISBN: 978-1118285909

2nd edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Question Posted: