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  3. lemon lime company made sales of $24,500 million d

Lemon Lime Company made sales of $24,500 million during 2014. Cost of goods sold for...

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Accounting

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Lemon Lime Company made sales of $24,500 million during 2014. Cost of goods sold for the year totaled $9,800 million. At the end of 2013, Lemon Lime's inventory stood at $1,200 million, and Lemon Lime ended 2014 with inventory of $1,600 million. Compute Lemon Lime's gross profit percentage and rate of inventory turnover for 2014

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