Scott Walker Company reported the following data for the past?year: Net sales $ 470,000...

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Accounting

Scott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases $ 220,000 Beginning Inventory $110,000 Ending Inventory $ 170,000 Cost of Goods Sold $ 290,000Industry Averages available? are: Inventory Turnover 5.00 GrossProfit Percentage ?50% How do the inventory turnover and grossprofit percentage for Scott Walker Company compare to the industryaverages for the same? ratios? (Round inventory turnover to twodecimal places. Round gross profit percentage to the nearest?percent.)

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Inventory turnover ratio is ratio of cost of goods sold to average inventory Given Cost of goods sold 290000 Beginning inventory 110000 Ending inventory 170000 Average inventory 110000 170000 2 See Answer

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In: AccountingScott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases...Scott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases $ 220,000 Beginning Inventory $110,000 Ending Inventory $ 170,000 Cost of Goods Sold $ 290,000Industry Averages available? are: Inventory Turnover 5.00 GrossProfit Percentage ?50% How do the inventory turnover and grossprofit percentage for Scott Walker Company compare to the industryaverages for the same? ratios? (Round inventory turnover to twodecimal places. Round gross profit percentage to the nearest?percent.)