Question Details

This information is available for Grant's Photo Corporation 



1
This information is available for Grant's Photo Corporation for 2011 and 2012.
		   2011    	    2012	
Beginning inventory		$ 200,000	$ 300,000
Ending inventory		300,000	380,000
Cost of goods sold		1,150,000	1,330,000
Sales		1,600,000	1,900,000

Instructions Calculate inventory turnover, days in inventory, and gross profit rate for Grant's Photo Corporation for 2011 and 2012. Comment on any trends. 

2
The following information is available for Witten Company:
 Beginning inventory	$  60,000 Cost of goods sold	520,000 Ending inventory	100,000 Sales	750,000

Instructions Compute each of the following: (a)	Inventory turnover. (b)	Days in inventory. 




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