Problem

(L. OBJ. 6) Computing the gross profit percentage and the rate of inventory turnover [10...

(L. OBJ. 6) Computing the gross profit percentage and the rate of inventory turnover [10 min]

Refer to the Texas Communications data in Short Exercises 5-10 and 5-11.

Requirement

1. Calculate the gross profit percentage and rate of inventory turnover for 2011. One year earlier, at May 31, 2010, Texas’ inventory balance was $325.

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Solutions For Problems in Chapter 5

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