Question: Selected nancial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 765,000 $ 605,000

Selected nancial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1 Sales (all on account) $ 765,000 $ 605,000 Cost of goods sold 480,000 416,000 Average inventory during the year 130,000 120,000 Average receivables during the year 150,000 100,000

a-1. Compute the gross prot 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? Year 2 Year 1 a-1. Gross profit percentage % % a-2. Inventory turnover times times

a-3. Accounts receivable turnover times times Trend b. Gross profit rate Inventory turnover Accounts receivable turnover Growth in net sales

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