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Scott Walker Company reported the following data for the past year: Net sales $ 470,000...

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Accounting

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 $ 290,000 Industry Averages available are: Inventory Turnover 5.00 Gross Profit Percentage 50% How do the inventory turnover and gross profit percentage for Scott Walker Company compare to the industry averages for the same ratios? (Round inventory turnover to two decimal places. Round gross profit percentage to the nearest percent.)

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