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

Selected financial data for SellFast, 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 unfavorabletrends.

2011 2010 Sales (all on account) Cost of goods sold $750,000 $610,000 495,000 408,000 Average inventory during the year... . . .110,000 102,000 150,000 100,000 Average receivables during the year

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a 1 Gross profit percentage 2010 33 610000 408000 610000 2011 34 750000 495000 750000 2 Inventory tu... View full answer

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