FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure
Toys, Inc., two toy manufacturing companies ($ in thousands):
KBI Toys
12/31/2021 12/31/2020
$৪e,822
Little Tikes
12/31/2021 12/31/2020
Net sales
Cost of goods sold
Year-end inventory
63,500
7,500
$72,320
53,900
7,e00
$63,680
42,e00
5,900
$69,100
46,425
6,400
Required:
Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Do not
round intermediate values. Round your gross profit ratio and average days in inventory to the nearest whole number. Round
"Inventory turnover" answer to two decimal places.)
ΚΒΙ ΤΟΥS
LITTLE TIKES
%
Gross profit ratio
Inventory turnover
Average days in inventory
days
days
ctions: On
* AssessibilityG Inyestigate
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