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Accounting

Problem:

Cola Company made sales of $35,376 million during 2012. Cost of goods sold for the year totaled $15,437 million. At the end of 2011, Cola's inventory stood at $1,672 million, and Cola ended 2012 with inventory of $1,908 million.

Required:

Question: Compute Cola's gross profit percentage and rate of inventory turnover for 2012.

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163798

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