Question: Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 769,000 $ 601,000

Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 769,000 $ 601,000 Cost of goods sold 452,000 393,000 Average inventory during the year 163,000 153,000 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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