Question: Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 799,000 $ 604,000

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

Year 2 Year 1
Sales (all on account) $ 799,000 $ 604,000
Cost of goods sold 428,000 373,000
Average inventory during the year 164,000 154,000
Average receivables during the year 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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