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The information above to compute the companies' gross profit margin and days inventory outstanding for both years.Margin of gross profit: 53% and 54% 249 and 252 days of inventory are still unpaid.
Sales *100 / Gross Profit = Gross Profit Margin
Sales minus Cost of Goods Sold is gross profit.
Gross Profit: 1,0,498,448 - 4,860,309 = 5,638,139 for the year.Year 2: 4,473,751 GP margin (8,277,782-3,804,031):
Year 1 53%
Year 2 = 54%
Average inventory/cost of sales*365 days = days of inventory.1,320,864 days (3,320,864/4,860,309*365) = 249days 365 = 252 days in Year 2: 2,632,898/3,804,031Stock of finished goods as of December 31, 2014 was $345,000.
Inventory of work in progress as of December 31, 2014: $83,500 Inventory of work in progress as of December 31, 2015: $72,300 2015 manufacturing cost of goods: $918,700.Stock of finished goods as of December 31, 2015 was $283,600.First, we must determine the cost of producing the goods.Cost of goods manufactured: $918,700 + $83,500 - $72,300 = $929,900 Cost of goods manufactured: = Cost of goods manufactured, 2015 + Beginning work in process inventory - Ending work in process inventory.
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