Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Happy Company has the following financial information: December 31, 2020 Net sales $94,569 Cost of sales $63,900 Inventory $13,000 Beginning inventory of $12,000. Calculate the

image text in transcribed
Happy Company has the following financial information: December 31, 2020 Net sales $94,569 Cost of sales $63,900 Inventory $13,000 Beginning inventory of $12,000. Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2020. O a. Inventory turnover: 5.11 times; Days sales in inventory: 71 days: Gross profit margin: 48.99% O b. Inventory turnover: 5.11 times; Days sales in inventory: 71 days: Gross profit margin: 32.43%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions