Reference no: EM132688949
Selected financial data for Quick Sell, Inc., a retail store, appear as follows.
Year 2 Year 1
Sales (all on account) $ 783,000 $ 605,000
Cost of goods sold 481,000 426,000
Average inventory during the year 126,000 116,000
Average receivables during the year 150,000 100,000
Problem 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%.)
Problem a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)
Problem a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)
Problem b. Which of the following show a positive or negative trend?
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