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Problem:
In the 2011 financial statements of Hocking River Vineyards reports that Inventories consist of the following:
2011
2010
Winemaking and packaging materials
$248,350
$296,012
Work-in-process
3,535,028
3,209,692
Finished goods
5,889,816
7,226,730
Obsolescence reserve
(54,049)
(20,416)
Total inventories
$9,619,145
$10,712,018
The company reported cost of goods sold of $7,944,635 in 2011 and $9,679,414 in 2010.
1. Compute average inventory days outstanding for both years and interpret any change. What does this ratio mean?
2. Is the year-over-year change good news? Why?
Summary of problem:
This question is from Finance and it is about computing the average inventory days outstanding for two years and interpreting any changes as well as discusses about the year-over-year change being good news or not.
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