E5-24 Calculating inventory turnover and the gross profit percentage

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E5-24 Calculating inventory turnover and the gross profit percentage to evaluate the business [10–15 min]
Review the data in Exercise 5-21.

Requirements
1. Compute the rate of inventory turnover for the fiscal year ended March 31, 2012, assuming $22,000 in average inventory.
2. The inventory turnover rate for the fiscal year ended March 31, 2011, was 3.8 times. Did the inventory turnover rate improve or deteriorate from 2011 to 2012?
3. Calculate the gross profit percentage.
4. The gross profit percentage for the fiscal year ended March 31, 2011, was 62%. Did the gross profit percentage improve or deteriorate during the fiscal year ended March 31, 2012?

data from E5-21
data from E5-21 Budget Business systems
Worksheet
Cash 2,400
Accounts receivable 8,900 a) 2,500
Inventory 36,500 b) 4,800