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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to Text