Question: Selected financial statement data from Western Colorado Stores is shown below. Net sales Cost of goods sold Operating expenses Inventory Required: 2024 $ 825,000

Selected financial statement data from Western Colorado Stores is shown below. Net

Selected financial statement data from Western Colorado Stores is shown below. Net sales Cost of goods sold Operating expenses Inventory Required: 2024 $ 825,000 2023 $ 845,000 660,000 680,000 120,000 122,000 100,000 98,000 1. Compute the gross profit ratio for 2024. Note: Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as 12.34). 2. Compute the inventory turnover ratio for 2024. Note: Round your answer to two decimal places. 1. Gross profit ratio 2. Inventory turnover ratio %

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