The following information is available for Sandhill's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory turnover Days in inventory 2025 $554,000 1,950,000 1,677,000 Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (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 % Gross profit rate 2024 $564,000 1,772,000 1,373,300 2023 $322,000 1,310,000 935,000 2025 times days % 2024 times days %
The following information is available for Sandhill's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory turnover Days in inventory 2025 $554,000 1,950,000 1,677,000 Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (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 % Gross profit rate 2024 $564,000 1,772,000 1,373,300 2023 $322,000 1,310,000 935,000 2025 times days % 2024 times days %
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...
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