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Question Spirit Company made sales of $43,700 million during 2014. Cost of goods sold for the year totaled $17,480 million. At the end of 2013​, Spirit​’s inventory stood at $1,800 ​million, and Spirit ended 2014 with inventory of $2,000 million. Compute Spirit​’s gross profit percentage and rate of inventory turnover for 2014. Begin by computing Spirit​’s gross profit percentage for 2014. ​(Round your answer to the nearest tenth of a​ percent, X.X%.) Spirits gross profit percentage for 2014 is ______%

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Question

Spirit

Companymade sales of $43,700 million during 2014. Cost of goods sold for the year totaled $17,480 million. At the end of 2013​, Spirit​’s inventory stood at $1,800 ​million, and Spirit ended 2014 with inventory of $2,000 million.

Compute Spirit​’s gross profit percentage and rate of inventory turnover for 2014.

Begin by computing Spirit​’s gross profit percentage for 2014. ​(Round your answer to the nearest tenth of a​ percent, X.X%.)

Spirits gross profit percentage for 2014 is ______%

 
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