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.