Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) Gross profit ratio,

Question:

Singleton Inc. reported the following information for the current year:

Required:
Compute Singleton€™s
(a) Gross profit ratio,
(b) Inventory turnover ratio, and
(c) Average days to sellinventory.

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...