Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Company made sales of $ 30000 million during 2014. Cost of goods sold for the year totaled $ 13800 million. At the end of 2013,
Company made sales of $ 30000 million during 2014. Cost of goods sold for the year totaled $ 13800 million. At the end of 2013, Lemon Lime's inventory stood at $ 1200 million, and Lemon Lime ended 2014 with inventory of $ 1800 million.
Lemon Lime Company made sales of $30,000 lion during 2014. Cost af goods sold for the year totaled $13,800 million. At the end of 2013, Lemon Lime's inventory stood at $1,200 million, and Lemon Lime ended 2014 with inventory of $1,800 mllion. Compute Lemon Lime's gross profit percentage and rate of inventory tumover for 2014 Begin by computing Lemon Lime's gross prott percentage for 2014, (Round your answer to the nearest tenth of a percent, X.X%) Lemon Lime's gross profit percentage for 2014 is 54 % Now compute Lemon Lime's rate of inventory turnover for 2014. (Round your answer to one decimal place.) Lemon Limes rate of inventory turnover for 2014 is timesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started