Nn.194.Subject :- Account The following information is available for Sunland's Activewear Inc. for three recent fiscal years.InventoryNet salesCost of goods sold2025$565,0001,895,0001,421,2502024$572,0001,784,0001,159,6002023$320,0001,360,000930,000 (a)Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to 1 decimalplace, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, eg. 5.2%)Inventory turnoverDays in inventoryGross profit rate2025timesdays%2024times.days%

Given, 2025 2024 2023 Inventory $565,000 $572,000 $320,000 Net Sales $1,895,000 $1,784,000…

The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 $572,000 1,895,000 1,784,000 1,421,250 2024 1,159,600 2023 $320,000 1,360,000 930,000

The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 $572,000 1,895,000 1,784,000 1,421,250 2024 1,159,600 2023 $320,000 1,360,000 930,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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Question

Nn.194.

Subject :- Account

The following information is available for Sunland's Activewear Inc. for three recent fiscal years.
Inventory
Net sales
Cost of goods sold
2025
$565,000
1,895,000
1,421,250
2024
$572,000
1,784,000
1,159,600
2023
$320,000
1,360,000
930,000

(a)
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, eg. 5.2%)
Inventory turnover
Days in inventory
Gross profit rate
2025
times
days
%
2024
times.
days
%

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