Question: Kent Inc. provided the following data for 2016 and 2017: Inventory December 31, 2016 $250,000 December 31, 2017 180,000 Cost of goods sold 2016 $650,000

Kent Inc. provided the following data for 2016 and 2017:

Inventory

December 31, 2016

$250,000

December 31, 2017

180,000

Cost of goods sold

2016

$650,000

2017

645,000

Gross margin

2016

$340,000

2017

430,000

What are the inventory turnover ratio and the gross margin return on inventory investment for 2017?

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