Selected Data for Irma's Store Appear Below Instructions
Compute the Following for 2017:
(A) Gross Profit Rate

question 89

Essay

Selected data for Irma's Store appear below.
$$\begin{array} { l r r } & { 2017 } & { 2016 } \\\text { Net sales } & \$ 800,000 & \$ 520,000 \\\text { Cost of goods sold } & 600,000 & 345,000 \\\text { Inventory at end of year } & 65,000 & 85,000 \\\text { Accounts receivable at end of year } & 140,000 & 110,000\end{array}$$ Instructions
Compute the following for 2017:
(a) Gross profit rate.
(b) Inventory turnover.
(c) Accounts receivable turnover.

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