Selected financial statement data from Western Colorado Stores is shown below2020.$795,000640, 00091,00089, 0002021Net salesCost of goods soldOperating expensesInventory$775, 000620, 000111, 000111, 000RequiredCompule the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (1.e.. 0.1234 shoutd be entered as12.34)2. Compute the inventory turnover ratio for 2021 (Rpund your answer to two decimal places.)Gross profit ratie2 oventory turmover ratio

1. Gross Profit Ratio - The profit Margin ratio shows the profit included in the selling price of…

Selected financial statement data from Western Colorādo Stores is shown below. Net sales Cost of goods sold Operating expenses Inventory 2021 $775, c00 629, 000 111, 600 111, 000 2020 $795, 000 640, 000 91,000 89,000 Required 1 Compule the gress profit tatio for 2021. (Round your "Percentage" answer to two dđecimal places (L.e., 0.1234 shoutd be entered as 12.34) 2. Compute Bie inventory tuinover ratio fot.2021 (Rpund your answer Ia two decimal places.) Gross profi ratie Inventory turmover ratio

Selected financial statement data from Western Colorādo Stores is shown below. Net sales Cost of goods sold Operating expenses Inventory 2021 $775, c00 629, 000 111, 600 111, 000 2020 $795, 000 640, 000 91,000 89,000 Required 1 Compule the gress profit tatio for 2021. (Round your "Percentage" answer to two dđecimal places (L.e., 0.1234 shoutd be entered as 12.34) 2. Compute Bie inventory tuinover ratio fot.2021 (Rpund your answer Ia two decimal places.) Gross profi ratie Inventory turmover ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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