Reference no: EM132509638

                                                                Year 2                   Year 1
Sales (all on account)                   $ 791,000                $ 605,000
Cost of goods sold                         422,000                365,000
Average inventory during the year      116,000                 106,000
Average receivables during the year      150,000                 100,000

Question 1: Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i.e. 0.1234 as 12%.)

Question 2: Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)

Question 3: Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)