Finding Financial Information
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book.
Required:
1. How much inventory does the company hold at the end of the most recent year?
2. Estimate the amount of merchandise that the company purchased during the current year. (Hint: Use the cost of goods sold equation and ignore "certain buying, occupancy, and warehousing expenses.")
3. What method does the company use to determine the cost of Hs inventory?
4. Compute the inventory turnover ratio for the current year. What does an inventory turnover ratio tell you?
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