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Calculate general quarters net sales and cost of goods sold

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Question - General Quarters operates general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families in southern, eastern, and mid-western states. For the year ended February 1, 2019, the company reported average inventory of $2,472 (in millions) and an inventory turnover of 4.86. Average total fixed assets were $2,083 (million) and the fixed asset turnover ratio was 8.38.

Required -

1-a. Calculate General Quarters's net sales and cost of goods sold.

1-b. Compute the gross profit percentage.

2. Is this an improvement from the gross profit percentage of 33.0 percent earned during the previous year?

Reference no: EM133137689

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