Happy Company has the following financial information: December 31, 2020 Net sales $94,569 Cost of...
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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%
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