Question: Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Sales (all on account) Cost of goods sold Average inventory during the

Selected financial data for Quick Sell, Inc., a retail store, appear as follows.

Sales (all on account)

Cost of goods sold

Average inventory during the year

Average receivables during the year

Year 2

Year 1

$ 785,000

$ 600,000

444,000

389,000

142,000

132,000

150,000

100,000

a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.)

a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.) a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)

b. Which of the following show a positive or negative trend?

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