Toys R Us sells a variety of children s toys games
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2015.

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 of March.
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