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Secure https://www.rnathdcom/Student Player Homework.aspx?homeworkid-4672 39076&questionld; 1&flushed-false;&icld-4867; yes Acct 2001 (Sect 03/04), Spring 2018 Alex Grubish I Homework: Ch 6 Wed homework Score: 0 of 1 pt 6-12 (book/static) Spritzer Company made sales of $24,000 million during 2016. Cost of goods sold for the year totaled $11,040 m Compute Spritzer's gross profit percentage and rate of inventory turnover for 2016 Begin by computing Spritzer's gross profit percentage for 2016 (Round your answer to the nearest tenth of a percent, XX%) Spritzers gross profit percentage for 2016 is 70f 16 (1 complete) HW Score: 0.45 llion. At the end of 2015, Spritzer's inventory stood at $1,000 million, and Spritzer ended 2016 with inventory of $1,400 milion % nter any number in the edit fields and then click Check Answer. Ched Clear All

Explanation / Answer

Gross profit percentage = (Sales - Cost of goods sold) / Sales = ($24,000 million - $11,040 million) / $24,000 million = 54.0%

Inventory turnover = Cost of goods sold / Average inventory = $11,040 million / [($1,000 million + $1,400 million) / 2] = 9.2

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