A partial work sheet for Armadillo Camera Shop is presented below. Beginning inventory was $80,000 a. Compute gross profit. b. Compute the gross profit percentage c. Compute the rate of inventory turnover. Armadillo Camera Shop Work Sheet For the Year Ended December 31, 2010 Accounts Cash Accounts Receivable Inventory Prepaid insurance Office supplies Equipment Accumulated depreciation Accounts payable Salaries payable Unearned service revenue Mortgage payable Steve Smith, capital Steve Smith, withdrawals Adjusted Trial Balance Debit Credit 15,000 30,000 100,000 7,500 3,200 75.000 8,500 12,000 2,000 25,000 100,000 20,290 23,000 389,000 Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salaries expense Depreciation expense Supplies expense Insurance expense Utilities expense Total 12.000 36.000 139,000 61,000 6,150 14,040 14,000 20.900 556,790 556,790