Question
The following information is available forLarkspur, Inc.for three recent fiscal years. 2022 2021 2020 Inventory 2022: $570,000 2021: $580,000 2020: $330,000 Net sales 2022: 1,875,000
The following information is available forLarkspur, Inc.for three recent fiscal years.
2022
2021
2020
Inventory 2022: $570,000
2021: $580,000
2020: $330,000
Net sales
2022: 1,875,000
2021: 1,750,000
202: 1,350,000
Cost of goods sold
2022: 1,207,500
2021: 1,001,000
2020: 939,000
(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%.)
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
4th Canadian edition
978-1259103261
