**Inventory Turnover and Gross Margin Calculation**Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for the years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places.| Year | Sales | Cost of Goods Sold | Average Inventory ||----------|----------|--------------------|-------------------|| Year 2021| $260,000 | $177,500 | $25,000 || Year 2022| $305,000 | $221,250 | $30,000 || Year 2023| $343,000 | $242,250 | $35,000 |**Calculations Required for 2022 and 2023:**1. **Inventory Turnover**2. **Gross Margin**3. **Days' Sales in Inventory****Table for Calculations:**| Year | Inventory Turnover | Gross Margin | Days' Sales in Inventory ||----------|--------------------|--------------|--------------------------|| Year 2022| | | || Year 2023| | | |

The ratio is calculated to determine the relationship between 2 numbers. In accounting, Ratios are…

Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Cost of Average Sales Goods Sold Inventory Year 2021 $260,000 $177,500 $25,000 Year 2022 305,000 221,250 30,000 Year 2023 343,000 242,250 35,000 Inventory Gross Days' Sales Turnover Margin in Inventory Year 2022 Year 2023

Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Cost of Average Sales Goods Sold Inventory Year 2021 $260,000 $177,500 $25,000 Year 2022 305,000 221,250 30,000 Year 2023 343,000 242,250 35,000 Inventory Gross Days' Sales Turnover Margin in Inventory Year 2022 Year 2023

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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