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The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 1,895,000 1,421,250 2024 2023 $572,000 $320,000 1,784,000 1,360,000 1,159,600 930,000

The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 1,895,000 1,421,250 2024 2023 $572,000 $320,000 1,784,000 1,360,000 1,159,600 930,000

FINANCIAL ACCOUNTING
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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(a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, eg. 5.2%) Inventory turnover Days in inventory Gross profit rate 2025 times days % 2024 times. days %
Transcribed Image Text:(a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2025 and 2024. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, eg. 5.2%) Inventory turnover Days in inventory Gross profit rate 2025 times days % 2024 times. days %
The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 1,895,000 1,421,250 2024 $572,000 1,784,000 1,159,600 2023 $320,000 1,360,000 930,000
Transcribed Image Text:The following information is available for Sunland's Activewear Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2025 $565,000 1,895,000 1,421,250 2024 $572,000 1,784,000 1,159,600 2023 $320,000 1,360,000 930,000
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