Question
Assume 007 Inc. made sales of $964.4 million during 2016. Cost of goods sold for the year totaled $655.3 million. At the end of 2015,
Assume 007 Inc. made sales of $964.4 million during 2016. Cost of goods sold for the year totaled $655.3 million. At the end of 2015, 007 Inc. inventories stood at $200.7 million, and the company ended 2016 with inventory of $240 million. Compute 007s gross profit percentage and rate of inventory turnover for 2016.
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
