PA16. LO 10.5 Use the following information relating to Clover Company to calculate the inventory turnov ratio, gross margin, and the number of days' sales in inventory ratio, for years 2022 and 2023. Sales Cost of Goods Sold Average Inventory $250,000 295,000 323,000 $187,500 221,250 242,250 $24,000 30,000 35,000 Year 2021 Year 2022 Year 2023

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.