Anka, Inc. provided the following data for 2016 and 2017: Inventory December 31, 2015 $404,800 December 31, 2016 $571,200 December 31, 2017 $365,000 Cost of goods sold 2016 $1,284,000 2017 $1,448,000 Gross margin $680,000 $820,000 2016 2017 (a) Calculate the inventory turnover ratio for 2016 and 2017. (b) Calculate the gross margin return on inventory investment for 2016 and 2017.
Anka, Inc. provided the following data for 2016 and 2017: Inventory December 31, 2015 $404,800 December 31, 2016 $571,200 December 31, 2017 $365,000 Cost of goods sold 2016 $1,284,000 2017 $1,448,000 Gross margin $680,000 $820,000 2016 2017 (a) Calculate the inventory turnover ratio for 2016 and 2017. (b) Calculate the gross margin return on inventory investment for 2016 and 2017.
Chapter10: Inventory
Section: Chapter Questions
Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...
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