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Category > Accounting Posted 25 Aug 2017 My Price 8.00

Lewis Inc.,

 

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?

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Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 8.00

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