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Question 1 Assume 007 Inc. made sales of $891.3 million during 2016. Cost...

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Accounting

Question 1

Assume 007 Inc. made sales of $891.3 million during 2016. Cost of goods sold for the year totaled

$581.2 million. At the end of 2015, 007 Inc. inventories stood at $190.4 million, and the company ended 2016 with inventory of $232 million. Compute 007s gross profit percentage and rate of inventory turnover for 2016.

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