Pete€™s Plants has the following information as of July 31, 2012:

Requirements
1. Compute the rate of inventory turnover for Pete€™s Plants for the year ended July 31, 2012. Round the result to two decimal places.
2. The rate of inventory turnover for Pete€™s Plants was 10.24 in 2011. Has the rate improved ordeteriorated?

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Sales Revenue Cost of Goods Sold: $980,000 44,300 257,000 301,300 21,200 Beginning Inventory. Net Purchases Cost of Goods Available. Ending Inventory Cost of Goods Sold. Gross Proft Operating Expenses Net Incom 280,100 699,900 70,000