This information is available for Santo\'s Photo Corporation for 2009, 2010, and

Question

This information is available for Santo's Photo Corporation for 2009, 2010, and 2011. 2009 2010 2011 Beginning inventory $112,780 $319,220 $410,330 Ending inventory 314,180 406,750 485,130 Cost of goods sold 898,750 1,116,970 1,289,360 Sales 1,229,930 1,619,380 1,912,530 Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Santo's Photo Corporation for 2009, 2010, 2011. (Round inventory turnover and days in inventory to 1 decimal place, e.g. 10.5. Use rounded amounts for future calculations. Round gross profit rate to 2 decimal places, e.g. 10.50.)

Explanation / Answer

inventory turnover of 2009 2010 2011 is = 314,180 406,750 485,130 -$112,780 $319,220 $410,330 =201400 87530 47800 days in inventory= 1 year gross profit rate= Sales -Cost of goods sold

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