The following information is available for Wildhorse's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory turnover Days in inventory 2025 $570,000 $580,000 1,875,000 1.207,500 1,001,000 Gross profitrate 2024 1,750,000 Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to 1 decimal place, eg. 5.2. days in inventory to O decimal places, eg 125 and gross profit rate to 1 decimal place, eg. 5.2%) 2023 $330,000 1.350,000 2025 939,000 times days 2024 times days %
The following information is available for Wildhorse's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory turnover Days in inventory 2025 $570,000 $580,000 1,875,000 1.207,500 1,001,000 Gross profitrate 2024 1,750,000 Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to 1 decimal place, eg. 5.2. days in inventory to O decimal places, eg 125 and gross profit rate to 1 decimal place, eg. 5.2%) 2023 $330,000 1.350,000 2025 939,000 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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