Question: Networking Systems, which uses the perpetual inventory system, earned sales revenue of $66 million in 2017. Cost of goods sold was $35 million, and net

Networking Systems, which uses the perpetual inventory system, earned sales revenue of $66 million in 2017. Cost of goods sold was $35 million, and net income reached $16 million, Networking's highest ever. Total current assets included inventory of $14.0 million at December 31, 2017. Last year's ending inventory was $13.2 million. The managers of Networking Systems need to know the company's gross margin percentage and rate of inventory turnover for 2017. Compute these amounts.

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