Question: Klummer, Inc. includes the following note in its most recent set of financial statements. Our fiscal year ends on the Saturday closest to January 31st

Klummer, Inc. includes the following note in its most recent set of financial statements. Our fiscal year ends on the Saturday closest to January 31st each year. Unless otherwise stated, references to years in these notes relate to fiscal years rather than to calendar years. The following fiscal periods are presented in these notes: Fiscal Year Weeks Sales Revenue Year Ended in Year ($ thousands) Year 3 February 2, Year 3 52 $8,466 Year 2 February 3, Year 2 53 8,093 Year 1 January 28, Year 1 52 7,828 a. Compute annual sales growth in Year 3 and Year 2 using the numbers as reported. NOTE: Round percentage answers to two decimal places. Year 3 Year 2 Sales growth Answer 1 Answer 2 b. Adjust for the 53rd week in Year 2 and recompute annual sales growth, assuming sales are consistent over the year. NOTE: Round intermediate calculations to the nearest whole dollar. Round percentage answers to two decimal places. Year 3 Year 2 Sales growth Answer 3 Answer 4

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