Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pharoah Company reported the following information for a three-year period: 2021 2020 2019 Ending inventory $ 19,000 $ 29,000 $ 33,000 132,000 134.000 114,000 Sales
Pharoah Company reported the following information for a three-year period: 2021 2020 2019 Ending inventory $ 19,000 $ 29,000 $ 33,000 132,000 134.000 114,000 Sales Cost of goods sold 58,080 58.960 50,160 Profit 35,000 41,000 39,000 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2021 and 2020. (Round number of days answers to decimal places, e.g. 52. Round other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) 2021 2020 Inventory turnover times times Days sales in inventory days days Gross profit margin % % Based on this information, does the company's liquidity appear to be improving or deteriorating? The company's liquidity appears to be
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