Gibson€™s Nursery has the following information as of December 31, 2014:

Requirements
1. Compute the rate of inventory turnover for Gibson€™s Nursery for the year ended December 31, 2014. Round the result to two decimal places.
2. The rate of inventory turnover for Gibson€™s Nursery was 17.36 in 2013. Has the rate improved or deteriorated?

Transcribed Image Text:

S1,287,500 Sales Revenuea Cost of Goods Sold: 44,300 750,600 Beginning Inventory... 794,900 48,700 Cost of Goods Available.. Ending Inventory Cost of Goods Sold.... Gross Profit Operating Expenses.. 746,200 541,300 388,700 152,600