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ces The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement retail industry ($ in millions): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Tool Station Howard's 1/28/2020 $ 101,704 67,348 13,548 Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2020. Note: Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions rounded to the nearest whole number. Choose Numerator: Net sales Choose Numerator: 1/29/2019 $ 95,395 63,082 13,349 Choose Numerator: + + Gross Profit Ratio + + Inventory Turnover Ratio + + 2/2/2020 $ 69,419 46,010 12,193 + + + Howard's Average Days in Inventory + Choose Denominator: 2/3/2019 $ 65,817 43,353 11,258 Choose Denominator: Choose Denominator: E = = = = = = = = = Gross Profit Ratio Gross profit ratio Inventory Turnover Ratio Inventory turnover ratio 0% 0% 0 times 0 times Average Days in Inventory Average days in inventory 0 days 0 days

ces The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement retail industry ($ in millions): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Tool Station Howard's 1/28/2020 $ 101,704 67,348 13,548 Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2020. Note: Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions rounded to the nearest whole number. Choose Numerator: Net sales Choose Numerator: 1/29/2019 $ 95,395 63,082 13,349 Choose Numerator: + + Gross Profit Ratio + + Inventory Turnover Ratio + + 2/2/2020 $ 69,419 46,010 12,193 + + + Howard's Average Days in Inventory + Choose Denominator: 2/3/2019 $ 65,817 43,353 11,258 Choose Denominator: Choose Denominator: E = = = = = = = = = Gross Profit Ratio Gross profit ratio Inventory Turnover Ratio Inventory turnover ratio 0% 0% 0 times 0 times Average Days in Inventory Average days in inventory 0 days 0 days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement retail industry ($ in millions): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Howard's Tool Station 1/28/2020 $ 101,704 67,348 13,548 Net sales Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2020. Note: Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions rounded to the nearest whole number. Choose Numerator: Choose Numerator: 1/29/2019 $ 95,395 63,082 13,349 Choose Numerator: + Gross Profit Ratio + + + Inventory Turnover Ratio + + 2/2/2020 $ 69,419 46,010 12,193 + + Howard's Choose Denominator: Average Days in Inventory + 2/3/2019 $ 65,817 43,353 11,258 Choose Denominator: Choose Denominator: = = = = = = = = = = = Gross Profit Ratio Gross profit ratio Inventory Turnover Ratio Inventory turnover ratio 0% 0% 0 times 0 times Average Days in Inventory Average days in inventory 0 days 0 days
Transcribed Image Text:ces The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement retail industry ($ in millions): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Howard's Tool Station 1/28/2020 $ 101,704 67,348 13,548 Net sales Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2020. Note: Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions rounded to the nearest whole number. Choose Numerator: Choose Numerator: 1/29/2019 $ 95,395 63,082 13,349 Choose Numerator: + Gross Profit Ratio + + + Inventory Turnover Ratio + + 2/2/2020 $ 69,419 46,010 12,193 + + Howard's Choose Denominator: Average Days in Inventory + 2/3/2019 $ 65,817 43,353 11,258 Choose Denominator: Choose Denominator: = = = = = = = = = = = Gross Profit Ratio Gross profit ratio Inventory Turnover Ratio Inventory turnover ratio 0% 0% 0 times 0 times Average Days in Inventory Average days in inventory 0 days 0 days
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