Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Larkspur Merchants reported the following on its income statement for the fiscal year ended December 31, 2021 and 2020. 2021 $495,160 2020 $475,690 Sales Cost

image text in transcribed
image text in transcribed
Larkspur Merchants reported the following on its income statement for the fiscal year ended December 31, 2021 and 2020. 2021 $495,160 2020 $475,690 Sales Cost of goods sold Beginning inventory Net purchases Ending Inventory Cost of goods sold Gross profit Operating expenses Profit 146,380 346,590 (138,674) 354,296 140,864 87,568 $53,296 154,124 323,160 (146,380) 330,904 144,786 89,168 $55,618 Calculate the inventory turnover ratio for Larkspur for 2021 and 2020. (Round answers to 2 decimal places, e.g. 52.75.) 2021 2020 Inventory turnover times times Calculate the inventory turnover ratio for Larkspur for 2021 and 2020. (Round answers to 2 decimal places, eg. 52.75.) 2021 2020 Inventory turnover times times LINK TO TEXT Calculate the days sales in inventory for Larkspur for 2021 and 2020. (Round answers to o decimal places, e.g. 5,275 and use 365 days for calculation) 2021 2020 Days sales in inventory days days LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing A Risk Based Approach to Conducting a Quality Audit

Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg

10th edition

1305080572, 978-1305465664, 1305465660, 978-1305080577

More Books

Students also viewed these Accounting questions