Chapter 5, Problem 5.2EYCT

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Assume 007 Inc. made sales of $964.4 million during 2016. Cost of goods sold for the year totaled $655.3 million. At the end of 2015, 007 Inc.'s inventories stood at $200.7 million, and the company ended 2016 with inventory of $240 million. Compute 007's gross profit percentage and rate of inventory turnover for 2016.

What is its gross income for the year ??

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Please explain the solution to this General accounting problem with accurate principles.

Fox Corporation acquired two inventory items at a lump-sum cost of $50,000