Selected accounts from the accounting records of Drake Imports at June 30, 2020, are shown in the popup Drake Imports uses the periodic Inventory wystem. (Click the icon to view the accounts.) Required 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 2. Glen Drake, owner of Drake Imports, strives to earn a gross margin percentage of 41 percent. Did he achieve this goal? 3. Did the rate of Inventory turnover reach the industry average of 3.4 times per year? Requirement 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 Begin by determining net sales, and then continue with the calculation to cost of goods sold and finally gross margin Less Net sales revenue Cost of goods sold Required 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 2. Glen Drake, owner of Drake Imports, strives to earn a gross margin percentage of 41 percent. Did he achieve this goal? 3. Did the rate of inventory turnover reach the industry average of 3.4 times per year? Net sales revenue Cost of goods sold: Less Net purchases Cost of goods available for sale Less So take parts of June 30, 2020, are shown in the popup Drake timports uses the periodic Inventory system (Click the icon to view the accounts.) Required 1. Show the computation of Drake Imports net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 2. Glen Drake, owner of Drake Imports, strives to eam a gross margin percentage of 41 percent Did he achieve this goal 3. Did the rate of inventory turnover reach the industry average of 3.4 times per year? Cost of goods available for sale Less LIBRE Requirement 2. Glen Drake, owner of Drake Imports, strives to earn a gross margin percentage of 41 percent Did he achieve this goal? (Round your answer to the nearest one decimal place.) Drake Imports eamed a gross margin percentage of % Drake Imports its goal of aming of caring a gross margin percentage of 41% Requirement 3. Did the rate of inventory turnover reach the industry average of 3.4 times per year? (Round your answer to the nearest one decimal place.) The rate of inventory turnover was which the industry average of 3.4. Choose from any list or enter any number in the input fields and then continue to the next question 8/12/2020 Accounts Cash $ 28,800 Purchases 206,400 6,600 Freight-in Sales Revenue Purchases Returns and Allowances 374,500 3,100 4,200 67,300 Salaries Payable Glen Drake, Capital Sales Returns and Allowances 10,750 45,900 51,100 68,000 99,000 2,820 Inventory: June 30, 2019 June 30, 2020 Selling Expense Equipment Purchase Discounts Accumulated Amortization Equipment Sales Discounts General Expenses Accounts Payable Accounts Receivable 19,400 7,400 34,000 29,200 34,600
