Compute ratio data to evaluate operations
Response to the following problem:
Pepper Company made sales of $53,376 million during 2014. Cost of goods sold for the year totaled $24,437 million. At the end of 2013, Pepper's inventory stood at $2,672 million, and Pepper ended 2014 with inventory of $2,908 million. Compute Pepper's gross profit percentage and rate of inventory turnover for 2014.