Question: Ivanhoe Enterprises reported the following information for 2014: Beginning inventory $34,560 Cost of goods sold 436,320 Ending inventory 48,600 Net income 29,970 Net sales 810,000
Ivanhoe Enterprises reported the following information for 2014:
| Beginning inventory | $34,560 | |
| Cost of goods sold | 436,320 | |
| Ending inventory | 48,600 | |
| Net income | 29,970 | |
| Net sales | 810,000 | |
| Operating expenses | 237,600 | |
| Sales revenue | 826,200 |
Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.)
| (1) | Gross profit rate | enter percentages | % | ||
|---|---|---|---|---|---|
| (2) | Inventory turnover | enter ratio in number of times | times | ||
| (3) | Days in inventory | enter a number of days | days | ||
| (4) | Profit margin | enter percentages | % |
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