FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Selected financial statement data from Western Colorado Stores is shown below.
2021
2020
Net sales
Cost of goods sold
Operating expenses
Inventory
$975, 000
780, 000
110,000
130, 000
$995, 000
800,000
90,000
110, 000
Required:
1. Compute the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as
12.34).)
2. Compute the inventory turnover ratio for 2021. (Round your answer to two decimal places.)
1Gross profit ratie-
2 Inventory tumover ratio
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Transcribed Image Text:- Chapter 8 Saved Help Save Selected financial statement data from Western Colorado Stores is shown below. 2021 2020 Net sales Cost of goods sold Operating expenses Inventory $975, 000 780, 000 110,000 130, 000 $995, 000 800,000 90,000 110, 000 Required: 1. Compute the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as 12.34).) 2. Compute the inventory turnover ratio for 2021. (Round your answer to two decimal places.) 1Gross profit ratie- 2 Inventory tumover ratio < Prev 4 of 15 Next >
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