Inventory Turnover, Days in Inventory, and Gross Profit Rate
Not what you're looking for?
This information is available for Santo's Photo Corporation for 2009, 2010, and 2011.
2009 2010 2011
Beginning inventory $ 115,700 $ 310,500 $ 411,560
Ending inventory 303,200 402,300 489,520
Cost of goods sold 898,800 1,127,110 1,275,910
Sales 1,298,040 1,670,910 1,942,250
Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Santo's Photo Corporation for 2009,2010, and 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.)
Purchase this Solution
Solution Summary
This solution illustrates how to compute the inventory turnover, days in inventory, and gross profit rate.
Purchase this Solution
Free BrainMass Quizzes
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce