(L. OBJ. 6) Calculating gross profit percentage and inventory turnover to evaluate a business [10 min]
Heat Miser Sunlamps earned sales revenue of $61 million in 2012. Cost of goods sold was $37 million, and net income reached $10 million, the company’s highest ever. Total current assets included inventory of $5 million at December 31, 2012. Inventory was $7 million on December 31, 2011.
Requirement
1. Compute the company’s gross profit percentage and rate of inventory turnover for 2012.
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