Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Cost of Average Sales Goods Sold Inventory Year 2021 $260,000 $177,500 $25,000 Year 2022 305,000 221,250 30,000 Year 2023 343,000 242,250 35,000 Inventory Gross Days' Sales Turnover Margin in Inventory Year 2022 Year 2023

Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Cost of Average Sales Goods Sold Inventory Year 2021 $260,000 $177,500 $25,000 Year 2022 305,000 221,250 30,000 Year 2023 343,000 242,250 35,000 Inventory Gross Days' Sales Turnover Margin in Inventory Year 2022 Year 2023

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...

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