Networking Systems earned sales revenue of ($65) million in 2009. Cost of goods sold was ($33) million,

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Networking Systems earned sales revenue of \($65\) million in 2009. Cost of goods sold was \($33\) million, and net income reached \($8\) million, the company's highest ever. Total current assets included inventory of \($3\) million at December 31, 2009. Last year's ending inventory was \($4\) million. The managers of Networking Systems need to know the company's gross profit percentage and rate of inventory turnover for 2009. Compute these amounts.

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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