Question: Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 783,000 $ 605,000

Selected financial data for Quick Sell, Inc., a retail store, appear as follows.   Year 2  Year 1 Sales (all on account) $ 783,000   $ 605,000  Cost of goods sold  481,000    426,000  Average inventory during the year  126,000    116,000  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 turnoverfor 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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