Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:The following information is available for Marin Inc. for three recent fiscal years.
Inventory
Net sales
Cost of goods sold
(a)
Inventory Turnover
Days in Inventory
2022
Gross Profit Rate
2021
$565,000 $572,000 $320,000
1,895,000 1,784,000
1,421,250 1,159,600
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%)
2022
2020
1,360,000
930,000
times
%
days
2021
times
days
%
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