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Sunland Enterprises reported the following information for 2014: Beginning inventory $30,080 Cost of goods sold 379,760 Ending inventory 42,300 Net income 23,265 Net sales 705,000
Sunland Enterprises reported the following information for 2014: Beginning inventory $30,080 Cost of goods sold 379,760 Ending inventory 42,300 Net income 23,265 Net sales 705,000 Operating expenses 206,800 Sales revenue 719,100 Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) (1) Gross profit rate (2) Inventory turnover (3) Days in inventory % times days (4) Profit margin %
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