Question: Singleton Ltd. reported the following in for the current year. Net sales Cost of goods sold Gross profit 650,000 Inventory, 1/1 495,000Inventory, 12/31 $155,000 $21,250

Singleton Ltd. reported the following in for the current year. Net

Singleton Ltd. reported the following in for the current year. Net sales Cost of goods sold Gross profit 650,000 Inventory, 1/1 495,000Inventory, 12/31 $155,000 $21,250 24,850 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. b. Compute Singleton's inventory turnover ratio c. Compute Singleton's average days to sell inventory. days

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