5 Exercise 14.11 (Algo) Ratios for a Retail Store (LO14-7) 10 Selected financial data for Quick Sell, Inc., a retail store, appear as follows. points Year 2 Year 1 Sales (all on account) Cost of goods sold Average inventory during the year eBook Average receivables during the year $ 751,000 460,000 197,000 $ 607,000 403,000 187,000 150,000 100,000 Print a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.) a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.) References a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.) b. Which of the following show a positive or negative trend? Year 2 Year 1 a-2. Inventory turnover a-1. Gross profit percentage a-3. Accounts receivable turnover % % times times times times b. Gross profit rate Inventory turnover Accounts receivable turnover Growth in net sales Trend