Admiral Company and Corporal, Inc., compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions) Admiral Company Corporal, Inc. Sales Cost of goods sold Inventory, beginning of period Inventory, end of period $91,980 76,650 651 651 a. Determine for both companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. Corporal Admiral $116,100 109,500 7,410 8,610 1. Inventory turnover 2. Days' sales in inventory b. All of the following are true of Admiral's strategy except: This strategy results in greater obsolescence risk than that used by Corporal. 117.7 3.1 days 13.7 28.8 days

Admiral Company and Corporal, Inc., compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions) Admiral Company Corporal, Inc. Sales Cost of goods sold Inventory, beginning of period Inventory, end of period $91,980 76,650 651 651 a. Determine for both companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. Corporal Admiral $116,100 109,500 7,410 8,610 1. Inventory turnover 2. Days' sales in inventory b. All of the following are true of Admiral's strategy except: This strategy results in greater obsolescence risk than that used by Corporal. 117.7 3.1 days 13.7 28.8 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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