Assume Party Store has the following account balances for the
Assume Party Store has the following account balances for the month of March 2015, and that the company uses a periodic inventory system.


Required:
1. Prepare a multiple-step income statement for the month ended March 31, 2015.
2. Calculate the inventory turnover ratio for the month of March. Would you expect this ratio to be higher or lower in December 2015? Explain.
3. Calculate the gross profit ratio for the month ofMarch.
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