Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is available for Vaughn Manufacturing for three recent fiscal years. 2022 2021 2020 Inventory $556,000 $566,000 $330,000 Net sales 1,904,000 1,792,000 1,360,000
The following information is available for Vaughn Manufacturing for three recent fiscal years.
2022 | 2021 | 2020 | ||||
---|---|---|---|---|---|---|
Inventory | $556,000 | $566,000 | $330,000 | |||
Net sales | 1,904,000 | 1,792,000 | 1,360,000 | |||
Cost of goods sold | 1,570,800 | 1,299,200 | 960,000 |
(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 | enter an inventory turnover | times | enter an inventory turnover | times | ||
Days in Inventory | enter a number of days | days | enter a number of days | days | ||
Gross Profit Rate | enter percentages | % | enter percentages | % |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started