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Assume Mountain Activewear Inc. made sales of $973.8 million during 2020 . Cost of goods sold for the year totalled $661.8 million. At the end
Assume Mountain Activewear Inc. made sales of $973.8 million during 2020 . Cost of goods sold for the year totalled $661.8 million. At the end of 2019 , Mountain's inventory stood at $204.2 million, and Mountain ended 2020 with inventory of $244 million. Compute Mountain's gross profit percentage and rate of inventory turnover for 2020 . Assume the industry average is 35% for the gross profit percentage and 2.9 times for the inventory turnover. How do the company's ratios compare to the industry averages? Mountain's gross profit percentage for 2020 is \%. (Enter your answer as a percentage rounded to one decimal place.) Mountain's rate of inventory turnover for 2020 is times. (Round your final answer to one decimal place.)
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