The financial statements of Trifolium Corporation for fiscal 2018 to fiscal 2020 are as follows (in thousands):
Question:
The financial statements of Trifolium Corporation for fiscal 2018 to fiscal 2020 are as follows (in thousands):
Instructions
a. Finance Calculate Trifolium?s (1) inventory turnover and (2) average days to sell inventory for each of the two years ended in 2020 and 2019. Round inventory turnover to two decimal places and average days to the nearest day.
b. Calculate Trifolium?s gross profit percentage and percentage markup on cost for each fiscal year. Round your answers to two decimal places (for example, 52.75%).
c. Is the growth in inventory levels over the last year consistent with the increase in sales? Explain your answer.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
a 1 Inventory Turnover Ratio Cost of Goods Sold Average Inventory Fiscal 2020 863...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
