Question
The following information is available for Tamarisk, Inc. for three recent fiscal years. 2022 2021 2020...
The following information is available for Tamarisk, Inc. for
three recent fiscal years.
|
2022 |
2021 |
2020 |
||||
|---|---|---|---|---|---|---|
|
Inventory |
$568,000 | $578,000 | $345,000 | |||
|
Net sales |
1,910,000 | 1,775,000 | 1,370,000 | |||
|
Cost of goods sold |
1,661,700 | 1,384,500 | 954,000 |
(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 |
||||||
|
Days in Inventory |
||||||
|
Gross Profit Rate |
% | |||||
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