Business, 09.10.2021 17:20 ashley54899

Lemony Company made sales of $36,550 million during 2021. Cost of goods sold for the year totaled $14,620 million. At the end of 2020, Lemony's inventory stood at $1,300 million, and Lemony ended 2021 with inventory of $2,100 million. Compute Lemony's gross profit percentage and rate of inventory turnover for 2021. Begin by computing Lemony's gross profit percentage for 2021. (Round your answer to the nearest tenth of a percent, X. X%.) Lemony's gross profit percentage for 2021 is 60 %. Now compute Lemony's rate of inventory turnover for 2021. (Round your answer to one decimal place.) Lemony's rate of inventory turnover for 2021 is 8.6 times.

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Lemony Company made sales of $36,550 million during 2021. Cost of goods sold for the year totaled $1...

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