mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mhedicatio ard M Sign In | Connect ... P math your default browser Set as default mework Saved 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): Tool Station Howard's 1/28/2020 1/29/2019 2/2/2020 2/3/2019 Net sales Cost of goods sold Year-end inventory $ 102,604 68,248 14,448 $ 96,295 63,982 14,249 $ 70,319 46,910 13,093 $ 66,717 44,253 12,158 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. Gross Profit Ratio Choose Numerator: Choose Denominator: Gross profit Net sales Tool Station Howard's Tool Station Howard's Inventory Turnover Ratio Choose Numerator: Choose Denominator: # Н 11 11 11 M Gross Profit Ratio Gross profit ratio 0 % 0 Inventory Turnover Ratio Inventory turnover ratio Average Days in Inventory < Prev 7 of 8 Next > Q Search hp 0 times Dames a 135 86

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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Net sales $102,604 $96,295 $70,319 $66,717

Cost of goods sold 68,248 63,982 46,910 44,253

Year-end inventory 14,448 14,249 13,093 12,158

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): 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 th nearest whole number.