Refer to the Dawson Communications situation in Starters 5-13 and 5-15. Compute the gross margin percentage and rate of inventory turnover for 2017. One year earlier, at December 31, 2016, Dawson's Inventory balance was $600.

In Starters 5-13 and 5-15

Suppose Dawson Communications uses the perpetual inventory system and reported these figures in its December 31, 2017, financial statements:

Accounts payable ........................................... $ 8,000

Accounts receivable .......................................... 5,600

Accrued liabilities ............................................. 3,200

Cash .................................................................. 7,600

Cost of goods sold......................................... 40,000

Equipment, net............................................... 17,400

Inventory ............................................................. 800

Long-term notes payable .................................. 1,800

Net sales revenue .......................................... 100,000

Total operating expenses................................ 37,000

V. Dawson, capital......................................... 18,400