Understanding real-world annual reports Required Use the Topps Companys annual report in Appendix B to answer the

Question:

Understanding real-world annual reports

Required

Use the Topps Company’s annual report in Appendix B to answer the following questions.

a. What was Topps’ inventory turnover ratio and average days to sell inventory for 2006 and 2005?

b. Is the company’s management of inventory getting better or worse?

c. What cost flow method(s) did Topps use to account for inventory?

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...