Question: Selected financial data for Quick Sell, Inc., a retail store, appear as follows. a. Compute the following for both years: 1. Gross profit percentage. 2.

Selected financial data for Quick Sell, Inc., a retail store, appear as follows.

a. Compute the following for both years:
1. Gross profit percentage.
2. Inventory turnover.
3. Accounts receivable turnover.
b. Comment on favorable and unfavorable trends.

Year 2 Year 1 Sales (all on account) Cost of goods sold Average inventory during the year.. . . . . . . Average receivables during the year... _ _ . . . $750,000 $610,000 495,000 408,000 .. . . . . __. . . . . .. . . . . .110,000 102,000 .. . . . . __. . . . . .. . . . . .150,000 100,000 . . .

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a 1 Gross profit percentage Year 1 33 610000 408000 610000 Year 2 34 750000 495000 750000 2 Inventor... View full answer

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