Assume Gildan Activewear Inc. made sales of $964.4 million during 2012. Cost of goods sold for the

Question:

Assume Gildan Activewear Inc. made sales of $964.4 million during 2012. Cost of goods sold for the year totalled $655.3 million. At the end of 2011, Gildan's inventory stood at $200.7 million, and Gildan ended 2012 with inventory of $240 million. Compute Gildan's gross profit percentage and rate of inventory turnover for 2012.