Pete€™s Plants has the following information as of October 31, 2014:

Requirements
1. Compute the rate of inventory turnover for Pete's Plants for the year ended October 31, 2014. Round the result to two decimal places.
2. The rate of inventory turnover for Pete€™s Plants was 21.96 in 2013. Has the rate improved or deteriorated?

Transcribed Image Text:

Sales Revenue Cost of Goods Sold $1,345,000 $ 30,000 Beginning Inventory. Net Purchases...840,600 Ending Inventory Cost of Goods Sold 829,600 515,400 109,000 S 406,400 Gross Profit. Operating Expenses.