Question
This information is available for Abdullah's Photo corporation for 2015, 2016 and 2017. 2015 2016 2017 Beginning inventory $ 100,000 $ 300,000 $ 400,000 Ending
This information is available for Abdullah's Photo corporation for 2015, 2016 and 2017.
|
| 2015 | 2016 | 2017 |
| Beginning inventory | $ 100,000 | $ 300,000 | $ 400,000 |
| Ending inventory | $ 300,000 | $ 400,000 | $ 480,000 |
| Cost of goods sold | $ 900,000 | $ 1,152,000 | $ 1,300,000 |
| Sales revenue | $ 1,200,000 | $ 1,600,000 | $ 1,900,000 |
Instructions
Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Abdullah's Photo Corporation for 2015, 2016 and 2017. Comment on any trends.
Step by Step Solution
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Step: 1
Comments Inventory turnover ratio tells about how much time the inventory is sold in a ye...
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Step: 2
Step: 3
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
