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Problem - Inventory analysis - The following data were extracted from the income statement of Hestia Systems Inc.:
Current Year
Preceding Year
Sales
$2,443,600
$2,592,000
Beginning inventories
158,000
130,000
Cost of goods sold
1,221,800
1,440,000
Ending inventories
140,000
Required -
a1. Determine for each year the inventory turnover. Round to the nearest dollar and one decimal place.
a2. Determine for each year the number of days' sales in inventory. Round to the nearest dollar and one decimal place.
b. What conclusions can be drawn from these data concerning the inventories?
While posting transactions, why do you need to record the respective General Journal and General Ledger page numbers in the post reference columns?
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