Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days’ sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places.   Sales Cost of Goods Sold Average Inventory Year 2021 $250,000 $187,500   $26,000   Year 2022 295,000 221,250   30,000   Year 2023 323,000 252,250   35,000       Inventory Turnover Gross Margin Days' Sales in Inventory Year 2022 fill in the blank 1 $fill in the blank 2 fill in the blank 3 Year 2023 fill in the blank 4 $fill in the blank 5 fill in the blank 6

Managerial Accounting: The Cornerstone of Business Decision-Making
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Chapter15: Financial Statement Analysis
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Problem 46E
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Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days’ sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places.

 
Sales
Cost of
Goods Sold
Average
Inventory
Year 2021 $250,000 $187,500   $26,000  
Year 2022 295,000 221,250   30,000  
Year 2023 323,000 252,250   35,000  

 

  Inventory
Turnover
Gross
Margin
Days' Sales
in Inventory
Year 2022 fill in the blank 1 $fill in the blank 2 fill in the blank 3
Year 2023 fill in the blank 4 $fill in the blank 5 fill in the blank 6
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