You want to own and operate a retail business and before you dive into your own retail sales of two publicly traded retailers. You were able to obtain the following summarized Skysong Refunded Ltd.: Beginning Inventory January 1st, 2023 Ending Inventory December 31, 2023 Sheridan Goods Inc. $304,000 $583,000 Skysong Refunded Ltd. $541,000 $762,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Calculate the gross margin and gross margin ratio. (Round gross margin ratio to 1 decimal place, e.g. 61.5%.)
Gross
margin
Gross
margin
ratio
$
2023
2023
Sheridan Goods
%
%
$
Skysong Refunded
2024
2024
%
Transcribed Image Text:Calculate the gross margin and gross margin ratio. (Round gross margin ratio to 1 decimal place, e.g. 61.5%.) Gross margin Gross margin ratio $ 2023 2023 Sheridan Goods % % $ Skysong Refunded 2024 2024 %
You want to own and operate a retail business and before you dive into your own retail store you decide to examine the inventory and
sales of two publicly traded retailers. You were able to obtain the following summarized information for Sheridan Goods Inc. and
Skysong Refunded Ltd.:
Beginning Inventory January 1st, 2023
Ending Inventory December 31, 2023
Ending Inventory December 31, 2024
Cost of Goods Sold - 2023
Cost of Goods Sold - 2024
Sales - 2023
Sales - 2024
Sheridan
Goods Inc.
$304,000
$583,000
$789,000
$4,482,930
$6,627,680
$6,141,000
$7,204,000
Skysong
Refunded Ltd.
$541,000
$762,000
$803,000
$1,238,160
$3,472,700
$3,752,000
$4,961,000
Transcribed Image Text:You want to own and operate a retail business and before you dive into your own retail store you decide to examine the inventory and sales of two publicly traded retailers. You were able to obtain the following summarized information for Sheridan Goods Inc. and Skysong Refunded Ltd.: Beginning Inventory January 1st, 2023 Ending Inventory December 31, 2023 Ending Inventory December 31, 2024 Cost of Goods Sold - 2023 Cost of Goods Sold - 2024 Sales - 2023 Sales - 2024 Sheridan Goods Inc. $304,000 $583,000 $789,000 $4,482,930 $6,627,680 $6,141,000 $7,204,000 Skysong Refunded Ltd. $541,000 $762,000 $803,000 $1,238,160 $3,472,700 $3,752,000 $4,961,000
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