Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1
Sales (all on account) $ 781,000 $ 609,000
Cost of goods sold 409,000 344,000
Average inventory during the year 133,000 123,000
Average receivables during the year 150,000 100,000
1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i. e. 0.1234 as 12%.)
2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)
3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)