Sheridan Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $22,800 $34,200 $38,760 Sales 142,500 145,920 131,100 Cost of goods sold 71,250 72,960 65,550 Profit 34,200 47,880 45,600 (a) Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of da answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculatio Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days ୪୧ %

Sheridan Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $22,800 $34,200 $38,760 Sales 142,500 145,920 131,100 Cost of goods sold 71,250 72,960 65,550 Profit 34,200 47,880 45,600 (a) Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of da answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculatio Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days ୪୧ %

Name: Sheridan Games reported the following information for a three-year pe
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Description: Sheridan Games reported the following information for a three-year period:202420232022Ending inventory$22,800$34,200$38,760Sales142,500145,920· 131,100Cost of goods sold71,25072,96065,550Profit34,20047,88045,600(a)Calculate the inventory turnover, d

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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