OffSite Systems earned sales revenue of £69 million in 20X8. Cost of goods sold was £32 million, and profit for the year

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Offsite Systems Earned Sales Revenue Of 69 Million In 20x8 Cost Of Goods Sold Was 32 Million And Profit For The Year 1 (53.11 KiB) Viewed 12 times

OffSite Systems earned sales revenue of £69 million in 20X8. Cost of goods sold was £32 million, and profit for the year reached £10 million, OffSite's highest ever. Total current assets included inventories of £6 million at 31 December 20X8. Last year's closing inventories figure was £8 million. The managers of OffSite Systems need to know the company's gross profit percentage and average inventories turnover period for 20X8. C Compute OffSite's gross profit percentage. (Enter your answers as integers.) First, determine the formula for gross profit percentage. Next, enter the amounts needed to make the calculation: £ £ Gross profit percentage = £ Now you can complete the equation. OffSite's gross profit percentage is: (Round your percentage to one decimal place.) Gross profit percentage Next, compute OffSite's average inventories turnover period (in days) for 20X8. First, determine the equation for average inventories turnover period. Next, enter the amounts needed to make the calculation: (Enter the opening inventories first in your calculation.) Average inventories (£ -365 + = £ turnover period Now you can complete the equation. OffSite's average inventories turnover period for 20X8 is: (to the nearest complete day) Average inventories days turnover period If the company's average inventories turnover period for 20X7 was 10 days more than in 20X8, which one of the following is certain? O A. The company has sold more goods in 20X8 OB. The company has sold fewer goods in 20X8 O C. The company has sold its goods faster in 20X8 O D. The company has sold its goods slower in 20X8