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Sunland Enterprises reported the following information for 2014: Beginning inventory   $30,080 Cost of goods sold   379,760 Ending inventory   42,300 Net income   23,265 Net sales   705,000 Operating expenses   206,800 Sales revenue   719,100 Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) (1)   Gross profit rate   enter percentages % (2)   Inventory turnover   enter ratio in number of times times (3)   Days in inventory   enter a number of days days

Sunland Enterprises reported the following information for 2014: Beginning inventory   $30,080 Cost of goods sold   379,760 Ending inventory   42,300 Net income   23,265 Net sales   705,000 Operating expenses   206,800 Sales revenue   719,100 Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) (1)   Gross profit rate   enter percentages % (2)   Inventory turnover   enter ratio in number of times times (3)   Days in inventory   enter a number of days days

FINANCIAL ACCOUNTING
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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Sunland Enterprises reported the following information for 2014:

Beginning inventory   $30,080
Cost of goods sold   379,760
Ending inventory   42,300
Net income   23,265
Net sales   705,000
Operating expenses   206,800
Sales revenue   719,100


Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.)

(1)
  
Gross profit rate
   enter percentages %
(2)
  
Inventory turnover
   enter ratio in number of times times
(3)
  
Days in inventory
   enter a number of days days
(4)
  
Profit margin
   enter percentages %
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