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Oriole Games reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit 2024 $22,000 137,500 60,500 33,000 2023 $33,000 140,800 61,952 46,200 2022 $37,400 126,500 55,660 44,000

Oriole Games reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit 2024 $22,000 137,500 60,500 33,000 2023 $33,000 140,800 61,952 46,200 2022 $37,400 126,500 55,660 44,000

FINANCIAL ACCOUNTING
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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Oriole Games reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit (a) Inventory turnover 2024 $22,000 Gross profit margin 137,500 60,500 33,000 Days sales in inventory 2023 $33,000 140,800 61,952 46,200 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to 0 decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) 2022 2024 $37,400 126,500 55,660 44,000 times days % 2023 times days %
Transcribed Image Text:Oriole Games reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit (a) Inventory turnover 2024 $22,000 Gross profit margin 137,500 60,500 33,000 Days sales in inventory 2023 $33,000 140,800 61,952 46,200 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to 0 decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) 2022 2024 $37,400 126,500 55,660 44,000 times days % 2023 times days %
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