Homework Answers
| Ans. 1 | To calculate gross profit percentage, we need to find out the value of | |||
| gross profit. | ||||
| Gross profit = Sales - Cost of goods sold | ||||
| $891.3 - $581.2 | ||||
| $310.1 million | ||||
| Gross profit percentage = Gross profit / Sales * 100 | ||||
| $310.1 / $891.3 * 100 | ||||
| 34.79% | ||||
| Ans. 2 | Inventory turnover = Cost of goods sold / Average Inventory | |||
| $581.2 / $211.2 | ||||
| 2.75 | times | |||
| *Calculations of Average inventory : Inventory at the end of 2015 will be used as | ||||
| beginning inventory and the inventory of 2016 will be used as ending inventory. | ||||
| *Average inventory = (Beginning inventory + Ending inventory) / 2 | ||||
| ($190.4 + $232) / 2 | ||||
| $211.2 | ||||
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