Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question b please! 1) The following data (in thousands) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related

image text in transcribed
question b please!
1) The following data (in thousands) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer and distributor of greeting cards and related products. Apple American Greetings Cost of goods sold Inventory, end of year Inventory, Jan. 1 $87,846,000 791,000 776,000 $741,645 208,945 179,730 a) Determine the inventory turnover for Apple and American Greetings. Round to one decimal place Apple: 112.12 American Greetings: 3.82 b) Would you expect American Greetings, inventory turnover to be higher or lower than Apple's? why? Lower because

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

Auditing Assurance And Risk

Authors: W. Robert Knechel, Steve Salterio, Brian Ballou

2rd Edition

0324022131, 978-0324022131

More Books

Students also viewed these Accounting questions

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago