Happy Company has the following financial information: December 31, 2020 Net sales $94,569 Cost of...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Happy Company has the following financial information: December 31, 2020 Net sales $94,569 Cost of sales $63,900 Inventory $13,000 Beginning inventory of $12,000. Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2020. O a. Inventory turnover: 5.11 times; Days sales in inventory: 71 days: Gross profit margin: 48.99% O b. Inventory turnover: 5.11 times; Days sales in inventory: 71 days: Gross profit margin: 32.43%
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
