Question
The financial statements for Smith Company and Jones company are reported below: Smith Company (FIFO) Jones Company (LIFO) $millions Sales COGS Inventories Sales COGS Inventories
The financial statements for Smith Company and Jones company are reported below:
|
| Smith Company (FIFO) | Jones Company (LIFO) | ||||
| $millions | Sales | COGS | Inventories | Sales | COGS | Inventories |
| 2020 | $60,000 | $45,000 | $15,000 | $85,000 | $75,000 | $30,000 |
| 2019 | 52,000 | 36,000 | 13,000 | 82,000 | 60,000 | 27,000 |
To the closest hundredth, how much is 2020 inventory turnover for Smith Company (data in left column)?
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
