Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation) Inventory turnover Days in inventory $10,000 12,500 80,100 140,000 Gross profit rate times days %
Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation) Inventory turnover Days in inventory $10,000 12,500 80,100 140,000 Gross profit rate times days %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory $10,000 Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Gross profit rate 12,500 80,100 140,000 times days % .
Transcribed Image Text:Suppose that the following information is available for Nike Inc. for the current year.
Beginning inventory
Ending inventory
Cost of goods sold
Net sales
Inventory turnover
Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2
decimal places, eg. 12.51 and other answers to 1 decimal place, eg. 15.2. Use 365 days for calculation)
Days in inventory
$10,000
Gross profit rate
12,500
80,100
140,000
times
days
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