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show work Kingbird Merchants reported the following on its income statement for the fiscal year ended December 31, 2021 and 2020. 2021 $495,060 2020 $474,790
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Kingbird Merchants reported the following on its income statement for the fiscal year ended December 31, 2021 and 2020. 2021 $495,060 2020 $474,790 Sales Cost of goods sold Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit Operating expenses Profit 145,680 345,590 (138,574) 352,696 142,364 87,568 $54,796 154,124 322,260 (145,680) 330,704 144,086 89,168 $54,918 Calculate the inventory turnover ratio for Kingbird for 2021 and 2020. (Round answers to 2 decimal places, e.g. 52.75.) 2021 2020 Inventory turnover times times Calculate the days sales in inventory for Kingbird for 2021 and 2020. (Round answers to 0 decimal places, e.g. 5,275 and use 365 days for calculation.) 2021 2020 Days sales in inventory days days Calculate the gross profit margin for Kingbird for 2021 and 2020. (Round answers to 1 decimal place, e.g. 52.7%.) 2021 2020 Gross profit margin 19 Calculate the profit margin for Kingbird for 2021 and 2020. (Round answers to 1 decimal place, e.g. 52.7%.) 2021 2020 Profit margin 9 9 For each ratio calculated in (a), (b), (c) and (d) above, identify if the ratio has improved or deteriorated from 2020 to 2021. Inventory turnover Days sales in inventory Gross profit margin Profit marginStep by Step Solution
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