Selected financial data for Quick Sell, Inc., a retail store, appear as follows. Year 2 Year 1
Sales (all on account) $ 781,000 $ 609,000
Cost of goods sold 409,000 344,000
Average inventory during the year 133,000 123,000
Average receivables during the year 150,000 100,000
1. Compute the gross profit percentage for both years. (Round your percentage answers to the nearest whole number. i. e. 0.1234 as 12%.)
2. Compute the inventory turnover for both years. (Round your answers to 1 decimal place.)
3. Compute the accounts receivable turnover for both years. (Round your answers to 1 decimal place.)

Skychefs, inc. prepares in-flight meals for a number of major airlines. one of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. during the most recent week, the company prepared 4000 of these meals using 960 direct labor hours. the company paid these direct labor workers a total of $19,200 for this work, or $20.00 per hour. according to standard cost card for this meal, it should require 0.25 direct labour-hours at a cost of $19.75 per hour.1. what is the standard labor-hours allowed (sh) to prepare 4,000 meals? 2. what is the standard labor cost allowed (sh x sr) to prepare 4,000 meals? 3. what is the labor spending variance? 4. what is the labor rate variance and the labor efficiency variance?