The following information is available from the annual reports of Young and Olde: 
Instructions
(a) Calculate the inventory turnover and days in inventory for both companies.
(b) Calculate Young's inventory turnover after adjusting for the LIFO reserve. Young uses the LIFO inventory method.
(c) What conclusion concerning the management of inventory can be drawn from these data?
Correct Answer:
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(c) Olde's inventory turnover ratio ...View Answer
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