The financial statements for Smith Company and Jones company are reported below: Smith Company (FIFO) Jones...
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)?
Homework Answers
Inventory turnover = COGS / Average inventory
Inventory turnover for Smith Company for 2020 = $45,000 / (15000+13000)/2
= 45,000 / 14,000
= 3.21 times
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The financial statements for Smith Company and Jones company are
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