Pete’s Plants has the following information as of October 31, 2010:

Requirements 1. Compute the rate of inventory turnover for Pete’s Plants for the year ended October 31,2010. Round the result to two decimal places.
2. The rate of inventory turnover for Pete’s Plants was 21.96 in 2009. Has the rate improved or deteriorated?

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Sales Revenue.. Cost of Goods Sold: Beginning Inventory Net Purchases. Cost of Goods Available. Ending Inventory... Cost of Goods Sold. Gross Profit....... Operating Expenses Net Income $ 30,000 840,600 870,600 $1,345,000 41,000 829,600 515,400 109,000 $ 406,400