The following information is available for Zoe's 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.

Instructions
(a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016.
(b) Based on the ratios calculated in part (a), did Zoe's liquidity and profitability improve or deteriorate in 2017?

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Related Book For answer-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

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

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Question Posted: Aug 24, 2016 01:49 AM

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The following information is available for Zoe's Activewear Inc. for three recent fiscal years. Instructions (a) Calculate

Question:

2017 553,000 568,000 2015 332,000 947,000 2016 Inventory Net sales Cost of goods sold 1 1,948,000 ,725,000 1,311,000 1,288,000 1,552,000

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a b In 2017 Zoes Active wear experienced deterioration in liqui...View the full answer

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