This information is available for Abdullah's Photo Corporation for 2020, 2021, and 2022. Instructions a . Calculate

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This information is available for Abdullah's Photo Corporation for 2020, 2021, and 2022.

Instructions
a. Calculate the inventory turnover for 2020, 2021, and 2022. (Round to one decimal place.)

b. Calculate the days in inventory for 2020, 2021, and 2022. (Round to one decimal place.)

c. Calculate the gross profit rate for 2020, 2021, and 2022. (Round to one decimal place.)

d. Comment on any trends observed in your answers to parts (a), (b), and (c).

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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

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Question Posted: Jun 29, 2022 03:53 AM

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This information is available for Abdullah's Photo Corporation for 2020, 2021, and 2022. Instructions a . Calculate

Question:

Beginning inventory Ending inventory Cost of goods sold Net sales revenue 2020 $ 100,000 300,000 900,000 1,200,000 2021 $ 300,000 400,000 1,152,000 1,600,000 2022 $ 400,000 480,000 1,300,000 1,900,000

Step by Step Answer:

a To calculate the inventory turnover divide the cost of goods sold by the average inventory 2020 Co...View the full answer

Accounting Principles

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