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 $11,570 Gross profit rate 14,360 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, e.g. 15.2. Use 365 days for calculation.) 103,720 145,200 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 Inventory turnover Days in inventory $11,570 Gross profit rate 14,360 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, e.g. 15.2. Use 365 days for calculation.) 103,720 145,200 times days %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Days in inventory
$11,570
Gross profit rate
14,360
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, e.g. 15.2. Use 365 days for calculation.)
103,720
145,200
times
days
%
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