The following information is available for Zoes Activewear Inc. for three recent fiscal years. 2017 2016 2015

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The following information is available for Zoe’s Activewear Inc. for three recent fiscal years.

2017 2016 2015 Inventory $ 553,000 $ 568,000 $ 332,000 Net sales 1,948,000 1,725,000 1,311,000 Cost of goods sold 1,552,000 1,288,000 947,000 Instructions

(a) Calculate the inventory turnover, days in inventory, and gross profi t rate for 2017 and 2016.

(b) Based on the ratios calculated in part (a), did Zoe’s liquidity and profi tability improve or deteriorate in 2017?

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Financial Accounting

ISBN: 9781118953907

8th Edition

Authors: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso

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Question Posted: Jul 08, 2024 02:03 AM

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The following information is available for Zoes Activewear Inc. for three recent fiscal years. 2017 2016 2015

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Financial Accounting

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