Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show work and calculations. thank you! Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year

please show work and calculations. thank you!
image text in transcribed
Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $1,255,600 $1,314,000 Beginning inventories 80,168 70,700 Cost of merchandise sold 627,800 730,000 Ending Inventories 72,568 80,168 a. Determine for each year (1) the inventory turnover and (2) the number of days sales in Inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year Current Year Prior Year 1. Inventory turnover 2. Number of days' sales in Inventory days days b. The inventory position of the business has deteriorated Increased The inventory turnover has decreased while the number of days' sales in Inventory has Eeedback

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

New Approach To Financial Accounting No Need Of Cramming Formats

Authors: Samuel A. Olowoniyi ACA

1st Edition

148253150X, 978-1482531503

More Books

Students also viewed these Accounting questions