Please explain how to get Gross profit percentage and inventory turnover rate.

Sweet TreatsSweetTreats, Inc., and Coffee LightCoffeeLight Corporation are both specialty food chains. The two companies reported thesefigures, inmillions:

Compute gross margin percentage and the rate of inventory turnover for Sweet TreatsSweetTreats

and Coffee LightCoffeeLight

for 2018.

(Round gross profit percentage to the nearest tenthpercent, X.X%, and the inventory turnover rate to one decimalplace, X.X.)

CompanyGross Profit percentageInventory Turnover Rate

Sweet Treats%times

Coffee Light%times

Sweet Treats, Inc.

Income Statements (Adapted)

Years Ended December 31

(Amounts in millions)

20182017

Revenues:

Net sales$600$701

Costs and Expenses:

Cost of goods sold540595

Selling, general, and administrative expenses6155

Sweet Treats, Inc.

Balance Sheets (Adapted)

December 31

(Amounts in millions)

20182017

Assets

Current assets:

Cash and cash equivalents$15$30

Receivables3030

Inventories1525

Coffee Light Corporation

Income Statements (Adapted)

Years Ended December 31

(Amounts in millions)

20182017

Net sales$7,000$6,360

Cost of goods sold6,6502,597

Selling, general, and administrative expenses2,9302,333

Coffee Light Corporation

Balance Sheets (Adapted)

December 31

(Amounts in millions)

20182017

Assets

Current assets:

Cash and temporary investments$313$174

Receivables, net224193

Inventories700630