In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales...
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In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales of $2100000 and gross profit of $428000. In 2021, it was taking the company approximately 30 days to sell its inventory. In 2022, the company's days sales in inventory improved. deteriorated. remained unchanged. O More information is needed to make this determination. In 2022, Tornado Ltd. had average inventory of $92000. The 2022 income statement showed net sales of $2100000 and gross profit of $428000. In 2021, it was taking the company approximately 30 days to sell its inventory. In 2022, the company's days sales in inventory improved. deteriorated. remained unchanged. O More information is needed to make this determination.
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Cost of goods sold 2022 Sales Gross profit 2100000 428000 1672000 Average I... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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