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3 years ago

This information is available for Pronghorn Inc. for the current year.

Business

1 answer:

fiasKO [112]3 years ago

3 0

Answer:

Pronghorn Inc.

Inventory Turnover = 7 times

Days in inventory = 52.14 days

Gross profit rate = 47.86%

Explanation:

a) Data and Calculations:

Beginning inventory $10,620

Ending inventory 13,430

Average inventory = $12,025 ($10,620 + $13,430)/2

Cost of goods sold 84,175

Sales 146,100

Gross profit = $69,925 ($146,100 - $84,175)

Inventory Turnover = Cost of Goods Sold/Average Inventory

= $84,175/$12,025

= 7 times

Days in inventory = 365/7 = 52.14 days

Gross profit rate = Gross profit/Sales * 100

= $69,925/$146,100 * 100

= 47.86%

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