Question
The following information is available for Novak Corp. for three recent fiscal years. 2022 2021 2020 Inventory $558,000 $588,000 $330,000 Net sales 1,910,000 1,700,000 1,335,000
The following information is available for Novak Corp. for three recent fiscal years.
2022
2021
2020
Inventory
$558,000 $588,000 $330,000 Net sales
1,910,000 1,700,000 1,335,000 Cost of goods sold
1,661,700 1,422,900 948,000
Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
2nd Canadian edition
133375536, 9780133845396, 133845397, 978-0133375534
