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 % %
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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