The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and...

  

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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): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Tool Station Howard's 1/28/2020 $ 101,804 67,448 13,648 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. Choose Numerator: Choose Numerator: 1/29/2019 $ 95,495 63,182 13,449 Choose Numerator: Gross Profit Ratio 1 1 2/2/2020 $ 69,519 46,110 12,293 Howard's Inventory Turnover Ratio 1 1 1 1 1 2/3/2019 $ 65,917 43,453 11,358 Choose Denominator: Average Days in Inventory Choose Denominator: Choose Denominator: = = = = = = = = = = = Gross Profit Ratio Gross profit ratio 0% % Inventory Turnover Ratio Inventory turnover ratio Average Days in Inventory Average days in inventory times times days days Tool Station Howard's Tool Station Howard's Tool Station Howard's Choose Numerator: Accounts receivable Cost of goods sold Current assets Current liabilities Choose Numerator: Inve Aver nearest whole number. Tool Station Howard's Tool Station Howard's Tool Station Howard's Choose Numerator: Current assets Current liabilities Gross profit Net sales Year-end inventory Choose Numerator: Inve Aver 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): Net sales Cost of goods sold Year-end inventory Tool Station Howard's Tool Station Howard's Tool Station Tool Station Howard's 1/28/2020 $ 101,804 67,448 13,648 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. Choose Numerator: Choose Numerator: 1/29/2019 $ 95,495 63,182 13,449 Choose Numerator: Gross Profit Ratio 1 1 2/2/2020 $ 69,519 46,110 12,293 Howard's Inventory Turnover Ratio 1 1 1 1 1 2/3/2019 $ 65,917 43,453 11,358 Choose Denominator: Average Days in Inventory Choose Denominator: Choose Denominator: = = = = = = = = = = = Gross Profit Ratio Gross profit ratio 0% % Inventory Turnover Ratio Inventory turnover ratio Average Days in Inventory Average days in inventory times times days days Tool Station Howard's Tool Station Howard's Tool Station Howard's Choose Numerator: Accounts receivable Cost of goods sold Current assets Current liabilities Choose Numerator: Inve Aver nearest whole number. Tool Station Howard's Tool Station Howard's Tool Station Howard's Choose Numerator: Current assets Current liabilities Gross profit Net sales Year-end inventory Choose Numerator: Inve Aver

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