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This information is available for Pronghorn Inc. for the current year.
Beginning inventory $10,620
Ending inventory 13,430
Cost of goods sold 84,175
Sales 146,100
Calculate the inventory turnover, days in inventory, and gross profit rate for Pronghorn Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
Inventory turnover enter inventory turnover in times times
Days in inventory enter days in inventory days
Gross profit rate enter days in inventory

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anthougo

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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