Cullumber Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $21,200 $31,800 $36,040 Sales 132,500 135,680 121,900 Cost of goods sold 53.000 54,272 48,760 Profit 31,800 44.520 42.400 (a) Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days % %
Cullumber Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $21,200 $31,800 $36,040 Sales 132,500 135,680 121,900 Cost of goods sold 53.000 54,272 48,760 Profit 31,800 44.520 42.400 (a) Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days % %
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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