Exercise 14.11 (Algo) Ratios for a Retail Store (LO14-7) Selected financial data for Quick Sell, Inc., a retail store, appear as follows. 10 points Sales (all on account) Cost of goods sold Average inventory during the year Average receivables during the year Year 2 $ 765,000 406,000 156,000 150,000 Year i $ 600,000 347,000 146,000 100,000 eBook Print References a-1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.) a-2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.) a-3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.) b. Which of the following show a positive or negative trend? Year 1 % a-1. Gross profit percentage a-2. Inventory turnover a-3. Accounts receivable turnover Year 2 % times times times times Trend b. Gross profit rate Inventory turnover Accounts receivable turnover Growth in net sales