Homework Answers
Gross profit percentage = Gross Profit/Sales
= (Sales - Cost of Goods Sold)/Sales
= (964.4 million - 655.3 million)/964.4 million
= 309.1 million/964.4 million
= 32.05%
Inventory Turnover = Cost of Goods Sold/Average inventory
= 655.3 million / [(200.7 million + 240 million)/2]
= 655.3 million/220.35 million
= 2.97 times
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