Question: Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $643,000 Inventory, 1/1 $21,250 474,500 Inventory,

Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the

Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $643,000 Inventory, 1/1 $21,250 474,500 Inventory, 12/31 24,850 Cost of goods sold Gross profit $168,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Peaks's gross profit ratio. b. Compute Peaks's inventory turnover ratio. c. Compute Peaks's average days to sell inventory. days

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