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In: AccountingScott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases...Scott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases $ 220,000 Beginning Inventory $110,000 Ending Inventory $ 170,000 Cost of Goods Sold $ 290,000Industry Averages available? are: Inventory Turnover 5.00 GrossProfit Percentage ?50% How do the inventory turnover and grossprofit percentage for Scott Walker Company compare to the industryaverages for the same? ratios? (Round inventory turnover to twodecimal places. Round gross profit percentage to the nearest?percent.)
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