The following information is available for Zoes Activewear Inc. for three recent fiscal years. Instructions a. Calculate

Question:

The following information is available for Zoe’s Activewear Inc. for three recent fiscal years.

2022 2021 2020 $ 568,000 Inventory Net sales 1,948,000 1,311,000 947,000 1,725,000 1,288,000 Cost of goods sold 1,552,00

Instructions

a. Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021.

b. Based on the ratios calculated in part (a), did Zoe’s liquidity and profi tability improve or deteriorate in 2022?

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Related Book For answer-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1119493631

9th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 11, 2019 07:10 AM

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The following information is available for Zoes Activewear Inc. for three recent fiscal years. Instructions a. Calculate

Question:

2022 2021 2020 $ 568,000 Inventory Net sales 1,948,000 1,311,000 947,000 1,725,000 1,288,000 Cost of goods sold 1,552,000

Step by Step Answer:

a b In 2022 Zoes Activewear experienced a deterioration in liqu...View the full answer

Financial Accounting Tools for Business Decision Making

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