Question: S6-10. (Learning Objective 4: Using ratio data to evaluate operations) Mountain Company made sales of $38,542 million during 20X6. Cost of goods sold for the

S6-10. (Learning Objective 4: Using ratio data to evaluate operations) Mountain Company made sales of $38,542 million during 20X6. Cost of goods sold for the year totaled $16,543 million. At the end of 20X5, Mountain’s inventory stood at $1,461 million, and Mountain ended 20X6 with inventory of $2,045 million.

Compute Mountain’s gross profit percentage and rate of inventory turnover for 20X6.

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