Singleton Inc. reported the following information for the current year:

Required:

Compute Singletons

(a)

gross profit ratio,

(b)

inventory turnover ratio, and

(c)

average days to sell inventory.

(Note: Round all answers to two decimal places.)

Net sales Cost of goods sold Gross profit S650,000 495,000 $155,000 Inventory, Inventory, 1/1 Inventory / $21,250 24,850