The following information is available for Cullumber Company for three recent fiscal years. 2022 2021 2020 Inventory $532,000 $580,000 $330,000 Net sales 1,920,000 1,750,000 1,315,000 Cost of goods sold 1,334,400 1,137,500 943,000 (a) 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 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %
The following information is available for Cullumber Company for three recent fiscal years. 2022 2021 2020 Inventory $532,000 $580,000 $330,000 Net sales 1,920,000 1,750,000 1,315,000 Cost of goods sold 1,334,400 1,137,500 943,000 (a) 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 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information is available for Cullumber Company for three recent fiscal years.
|
2022
|
2021
|
2020
|
||||
|---|---|---|---|---|---|---|
|
Inventory
|
$532,000 | $580,000 | $330,000 | |||
|
Net sales
|
1,920,000 | 1,750,000 | 1,315,000 | |||
|
Cost of goods sold
|
1,334,400 | 1,137,500 | 943,000 |
(a)
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 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
|
Inventory Turnover
|
enter an inventory turnover | times | enter an inventory turnover | times | ||
|
Days in Inventory
|
enter a number of days | days | enter a number of days | days | ||
|
Gross Profit Rate
|
enter percentages | % | enter percentages | % |
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