Gibson’s Nursery has the following information as of December 31,2010:

Requirements 1. Compute the rate of inventory turnover for Gibson’s Nursery for the year ended December 31,2010. Round the result to two decimal places.
2. The rate of inventory turnover for Gibson’s Nursery was 17.36 in 2009. Has the rate improved or deteriorated?

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Sales Revenue. Cost of Goods Sold: Beginning Inventory. Net Purchases. Cost of Goods Available Ending Inventory. Cost of Goods Sold Gross Profit.. Operating Expenses Net Income $ 44,300 750,600 794,900 $1,287,500 48,700 746,200 541,300 388,700 $ 152,600