A company reports the following amounts for 2030:                 

Inventory (beginning)  $ 20,000               

 Inventory (ending)  30,000                 

Purchases  160,000                 

Purchase returns  10,000

 

Compute the following financial calculations for 2030:

• Cost of goods sold
• Inventory turnover ratio
• Average days in inventory

Second problem: A company reports the following amounts at the end of the year: Sales revenue $ 360,000 Cost of goods sold 215,000 Net income 58,000

Compute the company's gross profit ratio.