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  3. sales (all on account) $ 773,000 $ 607,000 .

Sales (all on account) $ 773,000 $ 607,000 ...

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Accounting

Sales (all on account) $ 773,000 $ 607,000
Cost of goods sold 462,000 402,000
Average inventory during the year 130,000 120,000
Average receivables during the year 150,000 100,000

a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.)

a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)

a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)

b. Which of the following show a positive or negative trend?

a-1. Gross profit percentage

Year 2%

Year 1%

a-2. Inventory turnover times times

Year 2

Year 1

a-3. Accounts receivable turnover times times

Year 2 ,

Year 1

Trend

b. Gross profit rate

Inventory turnover

Accounts receivable turnover

Growth in net sales

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