The following information is available for Crane's Activewear Inc. for three recent fiscal years. 2025 2024 2023 Inventory $546,000 $560,000 $324,000 Net sales 1,890,000 1,700,000 1,320,000 Cost of goods sold 1,493,100 1,237,600 950,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turno place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) 2025 2024 Inventory turnover times times Days in inventory days days Gross profit rate % %
The following information is available for Crane's Activewear Inc. for three recent fiscal years. 2025 2024 2023 Inventory $546,000 $560,000 $324,000 Net sales 1,890,000 1,700,000 1,320,000 Cost of goods sold 1,493,100 1,237,600 950,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turno place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) 2025 2024 Inventory turnover times times Days in inventory days days Gross profit rate % %
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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