Dartmouth Games reported the following information for a three-year period: Instructions a. Calculate the inventory turnover, days
Question:
Dartmouth Games reported the following information for a three-year period:
Instructions
a. Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023.
b. Based on this information, does the company’s liquidity appear to be improving or deteriorating?
Transcribed Image Text:
Ending inventory Sales Cost of goods sold Profit for the year 2024 $ 20,000 125,000 50,000 30,000 2023 $ 30,000 128,000 51,200 42,000 2022 $ 34,000 115,000 46,000 40,000
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a b Inventory turnover has increased from 160 2023 to 200 2024 As well days sales in inventory has ...View the full answer
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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