Using the financial ratios provided in Table 4.1 and the financial statement information presented on pp. 110–112 for Costco Wholesale Corporation, calculate the following ratios for Costco for both 2012 and 2013:

a. Gross profit margin

b. Operating profit margin

c. Net profit margin

d. Times-interest-earned (or coverage) ratio

e. Return on stockholders’ equity

f. Return on assets g. Debt-to-equity ratio h. Days of inventory i. Inventory turnover ratio j. Average collection period Based on these ratios, did Costco’s financial performance improve, weaken, or remain about the same from 2012 to 2013?

Panera Bread operates more than 1,600 bakery-cafés in more than 44 states and Canada. How many of the four tests of the competitive power of a resource does the store network pass? Using your general knowledge of this industry, perform a SWOT analysis. Explain your answers.