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 % %

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Description: Current Attempt in ProgressThe following information is available for Cullumber's Activewear Inc. for three recent fiscal years.Inventory202520242023$570,000 $582,000 $300,000Net sales2,000,0001,764,000 1,315,000Cost of goods sold1,440,0001,146,6009

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of goods sold Average inventory 2020 2021 2022 $923,550 $980,640 126,290 Inventory Turnover 7.3 2021 6.3 5.3 156,510 2022 (a) Do a trend analysis of the inventory turnover for each year. Also calculate the days to sell invento (Round inventory turnover to 2 decimal places, e.g. 18.42 and number of days to 1 decimal place, e.g. 13.6., $1,149,910 $1,329,510 208,410 Number of Days 2023 321,820 days days days 2024 $1,408,530 451,860
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Subject: accounting
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