The financial statements of Bramble Corporation for fiscal 2021 to fiscal 2023 are as follows (in thousands):Fiscal2023Fiscal2022Fiscal2021Inventory$302,200$319,900 $303,100Sales1,357,0001,339,1001,275,100Gross margin479,839473,130447,739Net income30,80049,60036,700(a)* Your answer is incorrect.Calculate Bramble's (1) inventory turnover and (2) average days to sell inventory for each of the two years ended in 2023 and2022. (Round inventory turnover ratio to 2 decimal places, e.g. 52.75 and average days to O decimal places, e.g. 527. Use365 days for calculation.)(1) Inventory turnover ratioFiscal 20235.69times per yearFiscal 2022

Inventory turnover ratioInventory turnover ratio is an efficiency ratio that measures how…

Answered: The financial statements of Bramble…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...

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