Question: Selected data for Norma's Store appear below. Instructions Compute the following for 2013: (a) Gross profit rate. (b) Inventory turnover. (c) Receivables turnover. 2013 $900,000

Selected data for Norma's Store appear below.

Instructions
Compute the following for 2013:
(a) Gross profit rate.
(b) Inventory turnover.
(c) Receivables turnover.

2013 $900,000 700,000 2012 Net sales Cost of goods sold Inventory at end of year Accounts receivable at end of year $520,000 345,000 95,000 100,000 80,000

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