Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 6-12 a x Your answer is incorrect. Try again. The following information is available for Shamrock, Inc. for three recent fiscal years. Inventory Net
Exercise 6-12 a x Your answer is incorrect. Try again. The following information is available for Shamrock, Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2022 $565,000 1,980,000 1,257,300 2021 $578,000 1,775,000 1,061,450 2020 $345,000 1,345,000 941,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to o decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) 2022 2021 Inventory Turnover 3.5 times T 3.1 times Days in Inventory days T 118 days Gross Profit Rate Click If you would like to Show Work for this question: Open Show Work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started