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Question 2 of 2 4.95 2021 Inventory Net sales Cost of goods sold 2022 $565,000 1,895,000 1,421,250 $572,000 1,784,000 1,159,6

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Answer #1

Inventory turnover = Cost of goods sold / Average inventory

2022 = $1,421,250 / (565,000+572,000/2)

2022 = $1,421,250 / $568,500 ($1,137,000/2) = 2.5 times

2021 = $1,159,600 / (572,000+320,000/2)

2021 = $1,159,600 / $446,000 ($892,000/2) = 2.6 times

Days in inventory = 365 days / Inventory turnover

2022 = 365 / 2.5 = 146 days

2021 = 365 / 2.6 = 140 days

Gross profit rate = Net sales - Cost of goods sold / Net sales

2022 = $1,895,000-1,421,250 / $1,895,000

2022 = $473,750 / 1,895,000 = 25%

2021 = $1,784,000-1,159,600 / $1,784,000

2021 = $624,400 / 1,784,000 = 35%

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