Sales (all on account) $ 773,000 $ 607,000 ...
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Accounting
| Sales (all on account) | $ | 773,000 | $ | 607,000 | |||
| Cost of goods sold | 462,000 | 402,000 | |||||
| Average inventory during the year | 130,000 | 120,000 | |||||
| Average receivables during the year | 150,000 | 100,000 | |||||
a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.)
a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)
a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)
b. Which of the following show a positive or negative trend?
a-1. Gross profit percentage
Year 2%
Year 1%
a-2. Inventory turnover times times
Year 2
Year 1
a-3. Accounts receivable turnover times times
Year 2 ,
Year 1
Trend
b. Gross profit rate
Inventory turnover
Accounts receivable turnover
Growth in net sales
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