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Examining the recent financial statements of McLelland Clothing, Inc., you note the following: Sales Cost of goods sold Average Inventory $754,693 508,200 76,900 Required: Calculate
Examining the recent financial statements of McLelland Clothing, Inc., you note the following: Sales Cost of goods sold Average Inventory $754,693 508,200 76,900 Required: Calculate McLelland's gross profit ratio, inventory turnover ratio, and assuming a 365-day year, the average days to sell Inventory. Use two decimal places for gross profit ratio and average days to sell inventory, three decimal places for inventory turnover ratio. Gross profit ratio Inventory turnover ratio Average days to sell inventory
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