Brief Exercise 6-16 Calculate inventory ratios (LO6-7) Use the following information: Net sales $150,000 Cost of goods sold Beginning inventory Ending inventory 100, 000 35,000 25,000 a. Calculate the...

Brief Exercise 6-16 Calculate inventory ratios (LO6-7)<br>Use the following information:<br>Net sales<br>$150,000<br>Cost of goods sold<br>Beginning inventory<br>Ending inventory<br>100, 000<br>35,000<br>25,000<br>a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.)<br>Inventory turnover ratio<br>times<br>b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1<br>decimal place.)<br>Average days in inventory<br>| days<br>c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)<br>Gross profit ratio<br>%<br>

Extracted text: Brief Exercise 6-16 Calculate inventory ratios (LO6-7) Use the following information: Net sales $150,000 Cost of goods sold Beginning inventory Ending inventory 100, 000 35,000 25,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio times b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory | days c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.) Gross profit ratio %

Jun 09, 2022

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Brief Exercise 6-16 Calculate inventory ratios (LO6-7) Use the following information: Net sales $150,000 Cost of goods sold Beginning inventory Ending inventory 100, 000 35,000 25,000 a. Calculate the...

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