Assume Apex Inc. made sales of $800 million during 2022. Cost of goods sold for the year totaled $520 million. At the end of 2021, Apex Inc.'s inventory was $180 million, and the company ended 2022 with inventory of $220 million. a) Compute Apex Inc.'s gross profit percentage for 2022. b) Compute Apex Inc.'s inventory turnover ratio for 2022.

Assume Apex Inc. made sales of $800 million during 2022. Cost of goods sold for the year totaled $520 million. At the end of 2021, Apex Inc.'s inventory was $180 million, and the company ended 2022 with inventory of $220 million. a) Compute Apex Inc.'s gross profit percentage for 2022. b) Compute Apex Inc.'s inventory turnover ratio for 2022.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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