The following data were extracted from the income statement of Mountain Sports Inc.: a. Determine for each

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The following data were extracted from the income statement of Mountain Sports Inc.:

The following data were extracted from the income statement of 119859

a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round to nearest dollar and to two decimal places.
b. What conclusions can be drawn from these data concerning theinventories?

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Financial Accounting An Integrated Statements Approach

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Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: May 29, 2012 05:45 AM

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The following data were extracted from the income statement of Mountain Sports Inc.: a. Determine for each

Question:

Sales Beginning inventories Cost of goods sold Ending inventories 2007 $656,000 42,000 328,000 40,000 2006 774,000 44,000 430,000 42,000

Step by Step Answer:

a 1 2 1 899 328000 365 days 2 1178 430000 365 days b The inventory position of the business has de...View the full answer

Financial Accounting An Integrated Statements Approach

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