A small retail store has the following information for the year 2022:

Beginning inventory: $20,000
Purchases during the year: $80,000
Cost of goods sold during the year: $60,000
Ending inventory: $40,000
Sales revenue during the year: $100,000
a) Calculate the company's gross profit for the year 2022.

b) Calculate the company's inventory turnover ratio for the year 2022.

c) Calculate the company's days' sales in inventory for the year 2022.

d) If the company's desired gross profit margin is 30%, what should the company's selling price be for its products?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below a The companys gross profit for the yea... View the full answer