Question: Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Singleton Inc. reported the following information for the current year: Net sales $702,000 Inventory, 1/1 $21,250 Cost of goods

Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Singleton Inc. reported the following information for the current year: Net sales $702,000 Inventory, 1/1 $21,250 Cost of goods sold 474,500 Inventory, 12/31 24,850 Gross profit $227,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. % b. Compute Singleton's inventory turnover ratio. C. Compute Singleton's average days to sell inventory. days

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