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Compute the gross profit rate and days in inventory

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Reference no: EM133133370

Question - Sunland Enterprises reported the following information for 2014:

Beginning inventory $37,120

Cost of goods sold 468,640

Ending inventory 52,200

Net income 31,320

Net sales 870,000

Operating expenses 255,200

Sales revenue 887,400

Required - Compute each of the following ratios:

(1) Gross profit rate

(2) Inventory turnover

(3) Days in inventory

(4) Profit margin

Reference no: EM133133370

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