LO 4 EXAMPLE 13-11 Exercise 13-4 Inventory Analysis The following account balances are taken from…


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LO 4 EXAMPLE 13-11 Exercise 13-4 Inventory Analysis The following account balances are taken from… 1 answer below » LO4 EXAMPLE 13-11 Exercise 13-4 Inventory Analysis The following account balances are taken from the records of Lewis Inc., a wholesaler of fresh fruits and vegetables: Required December 31 2014               2013               2012 View complete question » LO4 EXAMPLE 13-11 Exercise 13-4 Inventory Analysis The following account balances are taken from the records of Lewis Inc., a wholesaler of fresh fruits and vegetables: Required December 31 2014               2013               2012 Merchandise inventory                      $200,000        $150,000        $120,000 2014               2013 Cost of goods sold                            $7,100,000   $8,100,000 1.        Compute Lewis’s inventory turnover ratio for 2014 and 2013. 2.        Compute the number of days’ sales in inventory for 2014 and 2013. Assume 360 days in a year. 3.        Comment on your answers in parts (1) and (2) relative to the company’s management of inventory over the two years. What problems do you see in its inventory management? View less » Jan 29 2016 12:14 PM

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