The following data are from the income statements of Charles Company. 2014 2013 Sales $6,420,000 $6,240,000 Beginning

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The following data are from the income statements of Charles Company.

2014 2013 Sales $6,420,000 $6,240,000 Beginning inventory 980,000 860,000 Purchases 4,440,000 4,720,000 Ending inventory 1,020,000 980,000

(a) Compute for each year (1) the inventory turnover and (2) the average days to sell the inventory.

(b) What conclusions concerning the management of the inventory can be drawn from these data?

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Financial Accounting

ISBN: 9780470929384

8th Edition

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

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Question Posted: Jul 02, 2024 09:04 AM

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The following data are from the income statements of Charles Company. 2014 2013 Sales $6,420,000 $6,240,000 Beginning

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Financial Accounting

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