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Question - You are provided the following information about your audit client. All dollar amounts are in millions.
2019
2018
2017
Sales
$92.8
$86.8
$69.6
Cost of Sales
68.9
67.2
54.0
Begin Inventory
9.2
8.4
6.0
Ending Inventory
11.2
7.6
1. Calculate the following two ratios for 2019, 2018, and 2017.
Gross margin as a percentage of sales = (Sales - Cost of Sales)/Sales
Inventory turnover = Cost of Sales/Average Inventory
2. From your calculations, identify two trends in the ratios during the time period.
3. Industry average for inventory turnover for the client's industry is 10.0. Incorporating this additional information, analyze and briefly identify your audit concerns regarding the inventory account of your client.
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