This information is available for Abdullah's Photo corporation for 2015, 2016 and 2017.

	2015	2016	2017
Beginning inventory	$ 100,000	$ 300,000	$ 400,000
Ending inventory	$ 300,000	$ 400,000	$ 480,000
Cost of goods sold	$ 900,000	$ 1,152,000	$ 1,300,000
Sales revenue	$ 1,200,000	$ 1,600,000	$ 1,900,000

Instructions

Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Abdullah's Photo Corporation for 2015, 2016 and 2017. Comment on any trends.

Answer rating: 100% (QA)

Comments Inventory turnover ratio tells about how much time the inventory is sold in a ye... View the full answer