The following information is available for Novak Corp. for three recent fiscal years. 2022 2021 2020 Inventory
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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 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
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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