Question: Inventory Analysis Singleton Ltd. reported the following information for the current year. Cornerstone Exercise 6-24 Inventory Analysis Singleton Ltd. reported the following information for the

Inventory Analysis

Singleton Ltd. reported the following information for the current year.

Cornerstone Exercise 6-24 Inventory Analysis Singleton Ltd. reported the following information for the current year. Net sales $21,250 $650,000 495,000 Inventory, 1/1 Inventory, 12/31 Cost of goods sold 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. 23.85 % b. Compute Singleton's inventory turnover ratio. 21.48 c. Compute Singleton's average days to sell inventory. X days

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