Question
The following information is available for Tamarisk, Inc. for three recent fiscal years. 2022 2021 2020 Inventory $568,000 $578,000 $345,000 Net sales 1,910,000 1,775,000 1,370,000
The following information is available for Tamarisk, Inc. for three recent fiscal years.
| 2022 | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| Inventory | $568,000 | $578,000 | $345,000 | |||
| Net sales | 1,910,000 | 1,775,000 | 1,370,000 | |||
| Cost of goods sold | 1,661,700 | 1,384,500 | 954,000 |
(a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Inventory Turnover | ||||||
| Days in Inventory | ||||||
| Gross Profit Rate | % | |||||
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Advances In Quantitative Analysis Of Finance And Accounting - New Series
Authors: Lee Cheng Few
2nd Edition
9812386696, 9789812386694
