The following information is available for Novak Corp. for three recent fiscal years. Inventory Net sales...

 

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The following information is available for Novak Corp. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory Turnover Days in Inventory 2022 2021 2020 $588,000 $330,000 1,910,000 1,700,000 1,335,000 1,661,700 1,422,900 Gross Profit Rate Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2. days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) $558,000 948,000 2022 times days % 2021 times days % Sandhill Co. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Explanation Units Inventory 34 Purchase Date May 1 15 24 (a) Purchase Total 26 40 100 Your answer is incorrect. Unit Cost $8 Weighted-average unit cost $ 9 10 Total Cost $272 234 400 $906 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) The following information is available for Novak Corp. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory Turnover Days in Inventory 2022 2021 2020 $588,000 $330,000 1,910,000 1,700,000 1,335,000 1,661,700 1,422,900 Gross Profit Rate Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2. days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) $558,000 948,000 2022 times days % 2021 times days % Sandhill Co. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Explanation Units Inventory 34 Purchase Date May 1 15 24 (a) Purchase Total 26 40 100 Your answer is incorrect. Unit Cost $8 Weighted-average unit cost $ 9 10 Total Cost $272 234 400 $906 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

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1 Calculate the inventory turnover days in inventory and gross profit rate 2022 Net sales 558000 Cos... View the full answer