The financial statements of Bramble Corporation for fiscal 2021 to fiscal 2023 are as follows (in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Inventory $302,200 $319,900 $303,100 Sales 1,357,000 1,339,100 1,275,100 Gross margin 479,839 473,130 447,739 Net income 30,800 49,600 36,700 (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 and 2022. (Round inventory turnover ratio to 2 decimal places, e.g. 52.75 and average days to O decimal places, e.g. 527. Use 365 days for calculation.) (1) Inventory turnover ratio Fiscal 2023 5.69 times per year Fiscal 2022

The financial statements of Bramble Corporation for fiscal 2021 to fiscal 2023 are as follows (in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Inventory $302,200 $319,900 $303,100 Sales 1,357,000 1,339,100 1,275,100 Gross margin 479,839 473,130 447,739 Net income 30,800 49,600 36,700 (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 and 2022. (Round inventory turnover ratio to 2 decimal places, e.g. 52.75 and average days to O decimal places, e.g. 527. Use 365 days for calculation.) (1) Inventory turnover ratio Fiscal 2023 5.69 times per year Fiscal 2022

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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