Hulu€™s Hybrids has the following information for the years ending January 31, 2014 and 2013:

Requirements
1. Compute the rate of inventory turnover for Hulu€™s Hybrids for the years ended January 31, 2014 and 2013. Round the result to two decimal places.
2. What is a likely cause for the change in the rate of inventory turnover from 2013 to 2014?

Transcribed Image Text:

(In thousands) Sales Revenue 2014 2013 $235 $213 Cost of Goods Sold: Beginning Inventory23 Net Purchases Cost of Goods Available 164 Ending Inventory Cost of Goods Sold $33 147 180 23 141 158 Gross Profit Operating Expenses Net Income 157 56 42 S 14 59 S 18