Below is select data from Arthur Corp.'s income statement and balance sheet for 20X2. Description Net...

Transcribed Image Text:

Below is select data from Arthur Corp.'s income statement and balance sheet for 20X2. Description Net sales Cost of goods sold Operating Expenses For the year ending 12/31/20X2 $500,000 200,000 100,000 Description at 12/31/X2 at 12/31/X1 Inventory $20,000 $16,000 Required: Using the above information, answer the following two questions: Question #1: On average, how many times did the company's inventory turnover in 20X2? Note: Round the answer to two decimal places (ex. 4.6572 = 4.66) Answer: times Question #2: What is the company's gross profit rate expressed as a percentage for 20X2? Answer: Below is select data from Arthur Corp.'s income statement and balance sheet for 20X2. Description Net sales Cost of goods sold Operating Expenses For the year ending 12/31/20X2 $500,000 200,000 100,000 Description at 12/31/X2 at 12/31/X1 Inventory $20,000 $16,000 Required: Using the above information, answer the following two questions: Question #1: On average, how many times did the company's inventory turnover in 20X2? Note: Round the answer to two decimal places (ex. 4.6572 = 4.66) Answer: times Question #2: What is the company's gross profit rate expressed as a percentage for 20X2? Answer: