The table below contains selected financial information from recent financial statements of KBI Toys and...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands): KBI Toys Little Tikes 12/31/2018 12/31/2017 12/31/2018 12/31/2017 Net sales $ 84,422 $ 75,920 $ 67,280 $ 72,700 Cost of goods sold 63,000 55,700 44,900 48,225 Year-end inventory 9,300 8,800 7,700 8,200
Required: Calculate the 2018 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Round your "Gross profit ratio" answers to the nearest whole percentage and the other answers to the nearest whole number.)
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: Flex AI - Your personal assistant for all your inquiries!
