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The company ended 2016 with inventory of 240 million

Question - Assume 007 Inc. made sales of $964.4 million during 2016. Cost of goods sold for the year totaled $655.3 million. At the end of 2015, 007 Inc. inventories stood at $200.7 million, and the company ended 2016 with inventory of $240 million. Compute 007's gross profit percentage and rate of inventory turnover for 2016.

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Accounting Basics: The company ended 2016 with inventory of 240 million

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