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The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($
The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands):
KBI Toys | Little Tikes | |||||||||||||||
12/31/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | |||||||||||||
Net sales | $ | 81,822 | $ | 73,320 | $ | 64,680 | $ | 70,100 | ||||||||
Cost of goods sold | 59,000 | 54,400 | 41,000 | 46,925 | ||||||||||||
Year-end inventory | 8,000 | 7,500 | 6,400 | 6,900 | ||||||||||||
Required: Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies.
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