Homework Answers
Sales = $4,080,401
Gross Profit Margin = 32.17%
Gross Profit = $1,312,665
Inventory = $1,069,387
Cost of Goods Sold = Sales – Gross Profit
= $2,767,736
Inventory Turnover Ratio = COGS/Average Inventory
= $2,767,736/1,069,387
= 2.59 times
Days Sales in Inventory = Number of Days in a year/Inventory Turnover Ratio
= 365/2.59
= 140.93 days
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