> Heading 1 Heading Paragraph Styles he inventory onic payments n 3 (15 marks) ncorporated had sales and cost of sales of $1,850,000 and $1,100,000 respectively in 2017. The had shareholders' equity of S925,000, liabilities of $775,000 and assets of $1,700,000. Included T's assets was inventory valued at $100,000 which was a $50,000 increase from the previous Idings. Calculate Smart-T's gross profit percentage and inventory turn over for 2017. State some methods retailers might use to increase the gross margin on sales. Discuss methods companies could use to increase the rate of inventory turnover. I ofit percentage=(sales - cost of sales/ sales= (1850000-1100000/1850000= 40.54% ng inventory= 100000-50000= 50000 e inventory = (beginning inventory + ending inventory)/2= (50000+100000)/2=75000 ory turnover= cost of sales/average inventory- 1100000 75000= 14.67% han