Wild Things, Inc., has the following information as of December 31, 2016:

Requirements
1. Compute the rate of inventory turnover for Wild Things, Inc., for the year ended
December 31, 2016. Round the result to two decimal places.
2. The rate of inventory turnover for Wild Things, Inc., was 12.16 in 2015. Has the rate improved or deteriorated?

Transcribed Image Text:

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 $675,000 $ 38,000 426,500 464,500 36.400 428,100 246,900 125,300 $121,600