he table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands): KBI Toys Little Tikes 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Net sales $ 80,622 $ 72,120 $ 63,480 $ 68,900 Cost of goods sold 58,900 53,800 40,786 46,325 Year-end inventory 7,400 6,900 5,800 6,300 Required: Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Round "Inventory turnover" answer to two decimal places.) KBI TOYS Little Tikes Gross Profit Ratio % % Inventory Turnover Average Days in Inventory. days days
he table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands): KBI Toys Little Tikes 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Net sales $ 80,622 $ 72,120 $ 63,480 $ 68,900 Cost of goods sold 58,900 53,800 40,786 46,325 Year-end inventory 7,400 6,900 5,800 6,300 Required: Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Round "Inventory turnover" answer to two decimal places.) KBI TOYS Little Tikes Gross Profit Ratio % % Inventory Turnover Average Days in Inventory. days days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands):
| KBI Toys | Little Tikes | |||||||||||||||
| 12/31/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | |||||||||||||
| Net sales | $ | 80,622 | $ | 72,120 | $ | 63,480 | $ | 68,900 | ||||||||
| Cost of goods sold | 58,900 | 53,800 | 40,786 | 46,325 | ||||||||||||
| Year-end inventory | 7,400 | 6,900 | 5,800 | 6,300 | ||||||||||||
Required:
Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Round "Inventory turnover" answer to two decimal places.)
KBI TOYS Little Tikes
Gross Profit Ratio % %
Inventory Turnover
Average Days in Inventory. days days
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