Suppose that Forever 21 has the following information available for 2024 and 2025: (in millions) Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory 2024 $2,152 2,499 24,614 43,294 (a1) Calculate the inventory turnover, days in inventory, and gross profit rate for Forever 21 for 2024 and 2025. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Gross profit rate 2025 $2,499 2,651 23,286 42,997 2024 3.0 11 times days 2025 times days

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Suppose that Forever 21 has the following information available for 2024 and 2025:
(in millions)
Beginning inventory
Ending inventory
Cost of goods sold
Net sales
Inventory turnover
Days in inventory
2024
$2,152
2,499
24,614
43,294
(a1) Calculate the inventory turnover, days in inventory, and gross profit rate for Forever 21 for 2024 and
2025. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
Gross profit rate
2025
$2,499
2,651
23,286
42,997
2024
3.0
11
times
days
2025
times
days
Transcribed Image Text:Suppose that Forever 21 has the following information available for 2024 and 2025: (in millions) Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory 2024 $2,152 2,499 24,614 43,294 (a1) Calculate the inventory turnover, days in inventory, and gross profit rate for Forever 21 for 2024 and 2025. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Gross profit rate 2025 $2,499 2,651 23,286 42,997 2024 3.0 11 times days 2025 times days
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