Cola Company made sales of $34,500 million during 2021. Cost of goods sold for the year totaled $13,800 million. At the end of 2020, Cola's inventory stood at $1,200 million, and Cola ended 2021 with inventory of $1,800 million. Compute Cola's gross profit percentage and rate of inventory turnover for 2021. C Begin by computing Cola's gross profit percentage for 2021. (Round your answer to the nearest tenth of a percent, X.X%.) Cola's gross profit percentage for 2021 is %

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.