Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This information is available for Ayayai Inc. for 2021 and 2022. (in millions) 2021 2022 $2,366 $2,582 Beginning inventory Ending inventory Cost of goods sold

image text in transcribed

This information is available for Ayayai Inc. for 2021 and 2022. (in millions) 2021 2022 $2,366 $2,582 Beginning inventory Ending inventory Cost of goods sold 2,582 2.975 24,642 23,463 Sales 43,394 42,866 Calculate the inventory turnover, days in inventory, and gross profit rate for Ayayai Inc. for 2021 and 2022. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 2021 2022 Inventory turnover ratio times times Days in inventory days days Gross profit rate

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

11th Edition

1119594596, 978-1119594598

More Books

Students also viewed these Accounting questions

Question

Implement the Tic-Tac-Toe in java using 2D array?

Answered: 1 week ago