Please do not give solution in image format thanku The following information is available for Marin Inc. for three recent fiscal years.InventoryNet salesCost of goods soldInventory TurnoverDays in Inventory20222021$565,000$572,0001,895,000 1,784,0001,421,250 1,159,600Gross Profit RateCalculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimalplace, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, eg. 5.2%)20222020$320,0001,360,000930,000timesdays%2021timesdays.

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Description: Please do not give solution in image format thanku The following information is available for Marin Inc. for three recent fiscal years.InventoryNet salesCost of goods soldInventory TurnoverDays in Inventory20222021$565,000$572,0001,895,000 1,784,0001

INVENTORY TURNOVERInventory Turnover Ratio is the Ratio Between Cost of Goods Sold and Average…

Business

Accounting

The following information is available for Marin Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold Inventory Turnover 2022 Days in Inventory Gross Profit Rate 2021 $565,000 $572,000 1,895,000 1,784,000 1,421,250 1,159,600 Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal 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%) 2022 2020 $320,000 1,360,000 930,000 times days % 2021 times days

The following information is available for Marin Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold Inventory Turnover 2022 Days in Inventory Gross Profit Rate 2021 $565,000 $572,000 1,895,000 1,784,000 1,421,250 1,159,600 Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal 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%) 2022 2020 $320,000 1,360,000 930,000 times days % 2021 times days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Please do not give solution in image format thanku

The following information is available for Marin Inc. for three recent fiscal years.
Inventory
Net sales
Cost of goods sold
Inventory Turnover
Days in Inventory
2022
2021
$565,000
$572,000
1,895,000 1,784,000
1,421,250 1,159,600
Gross Profit Rate
Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal
place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, eg. 5.2%)
2022
2020
$320,000
1,360,000
930,000
times
days
%
2021
times
days.

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Step 1: Introduce Inventory Turnover & Gross Profit

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Step 2: Average Inventory

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Step 3: Inventory Turnover & Days in Inventory

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Step 4: Gross Profit Rate

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