The following information is available from recent financial statements of Laurel Incorporated and Hardy Enterprises:...
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Accounting
The following information is available from recent financial statements of Laurel Incorporated and Hardy Enterprises: (Amounts in millions) Laurel Hardy. Ending inventory $ 7,500 $5,210 Beginning inventory 8,100 6,059 Cost of goods sold 23,760 33,616 Sales 30,251 39,950 Instructions a) Calculate the inventory turnover and days in inventory for both companies. b) What conclusions concerning the management of inventory can be drawn from these data
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