Pepper Company made sales of $53,376 million during 2014. Cost of goods sold for the year totaled

Question:

Pepper Company made sales of $53,376 million during 2014. Cost of goods sold for the year totaled $24,437 million. At the end of 2013, Pepper’s inventory stood at $2,672 million, and Pepper ended 2014 with inventory of $2,908 million.
Compute Pepper’s gross profit percentage and rate of inventory turnover for 2014.