use the following information relating to clover company to calculate the inventory turnover, ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023   Sales Cost of goods sold Average inventory Year 2021 250,000 187,500 24,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 242,250 35,000

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

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Q: Calculate the inventory turnover for 2023, 2024, and 2025.

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A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.

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A: Inventory Turnover ratio =Cost of Goods Sold/Average Inventory

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A: Solution:- Calculation of Inventory turnover ratio as follows under:-

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A: Inventory turnover = Cost of goods sold/Average inventory Days in inventory = 365/Inventory turnover…

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Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

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A: Lets understand the basics. Inventory turnover ratio indicates the how many time inventory turns…

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

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Q: Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion…

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A: Compute the average inventory.