Question
The following information is available for Pronghorn Corp for the past three fiscal years. 2022 2021 2020 Inventory 560.000 $ 588.000 $ 348.000 $ net
The following information is available for Pronghorn Corp for the past three fiscal years.
2022 | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
Inventory | 560.000 $ | 588.000 $ | 348.000 $ | |||
net sales | 1.960.000 | 1.800.000 | 1.355.000 | |||
cost of goods sold | 1.607.200 | 1.357.200 | 948.000 |
Calculate
Inventory turnover,
Days spent in inventory, and
Gross profit ratio for 2022 and 2021 .
Step by Step Solution
3.45 Rating (171 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the inventory turnover ratio we divide the cost of goods sold by the average inventory ...
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Step: 2
Step: 3
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Survey Of Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt
2nd Edition
1119594537, 978-1119594536
