Refer to the Carolina Communications data in Short Exercises 5-10 and 5-11

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S5-12 Computing the gross profit percentage, the rate of inventory turnover, and
days in inventory [10 min]

Refer to the Carolina Communications data in Short Exercises 5-10 and 5-11.

Requirement

1. Calculate the gross profit percentage, rate of inventory turnover, and days in
inventory ratios for 2012. One year earlier, at July 31, 2011, Carolina’s inventory
balance was $425.