Question
The following information is available for Blossom's Activewear Inc for three recent fiscal years. 2025 2024 2023 Inventory $ 550,000 $560,000 $320,000 Net Sales $1,900,000
The following information is available for Blossom's Activewear Inc for three recent fiscal years.
| 2025 | 2024 | 2023 | ||
| Inventory | $ 550,000 | $560,000 | $320,000 | |
| Net Sales | $1,900,000 | $1,760,000 | $1,310,00 | |
| Cost of Goods Sold | $1,054,500 | $880,000 | $903,000 |
(a)
Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024
| 2025 | 2024 | |||
| Inventory turnover | ? | times | ? | times |
| Days in inventory | ? | days | ? | days |
| Gross profit rate | ? | % | ? | % |
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Mike Deschamps
14th Edition
0134729315, 978-0134729312
