Current Attempt in Progress The following information is available for Cullumber's Activewear Inc. for three recent fiscal years. Inventory 2025 2024 2023 $570,000 $582,000 $300,000 Net sales 2,000,000 1,764,000 1,315,000 Cost of goods sold 1,440,000 1,146,600 953,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to decimal place, e.g. 5.2, days in inventory to O decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. Inventory turnover Days in inventory 2025 times days 2024 times days Gross profit rate % %

Current Attempt in Progress The following information is available for Cullumber's Activewear Inc. for three recent fiscal years. Inventory 2025 2024 2023 $570,000 $582,000 $300,000 Net sales 2,000,000 1,764,000 1,315,000 Cost of goods sold 1,440,000 1,146,600 953,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to decimal place, e.g. 5.2, days in inventory to O decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. Inventory turnover Days in inventory 2025 times days 2024 times days Gross profit rate % %

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Description: Current Attempt in ProgressThe following information is available for Cullumber's Activewear Inc. for three recent fiscal years.Inventory202520242023$570,000 $582,000 $300,000Net sales2,000,0001,764,000 1,315,000Cost of goods sold1,440,0001,146,6009

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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