Help Sa Sales (all on account) Cost of goods sold Average inventory during the y

Question

Help Sa Sales (all on account) Cost of goods sold Average inventory during the year Average receivables during the year 778,880 684,88 447,08 391,00e 138,680 150,000 108,000 128,880 0-1. Compute the gross profit percentage for both years (Round your percentage answers to the nearest w as 12%) a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.) o-3. Compute th b. Which of the following show a positive or negative trend? hole number. i.e. 0.1234 e accounts receivable turnover for both years. (Round your answers to 1 decimal place.) ear 2 ear 1 Gross profit percentage Inventory turnover times times a- 3 Accounts receivable turnover times times Trend b Gross profit rate Inventory turnover Accounts receivable turnover Growth in net sales

Explanation / Answer

Trend:

Year 2 Year 1 a Sales        7,78,000        6,04,000 b cost of goods sold        4,47,000        3,91,000 c= a-b Gross profit        3,31,000        2,13,000 d= c/a Gross profit % 43% 35% e average inventory        1,38,000        1,28,000 f= b/e inventory turnover                  3.2                  3.1 g average receivables        1,50,000        1,00,000 h= a/h Accounts receivable turnover                  5.2                  6.0

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