Question: Please help, clean pictures and description provided :) Important notes for the answerer: The empty rows have a menu action list for their yellow boxes

Please help, clean pictures and description provided :)

Please help, clean pictures and description provided :) Important notes for the

answerer: The empty rows have a menu action list for their yellow

Important notes for the answerer:

The empty rows have a menu action list for their yellow boxes which contains the following information (For both Choose Numerator and Choose Denominator).

boxes which contains the following information (For both Choose Numerator and Choose

For all the people who have been looking for this, this below is for you (Please ignore if you are an answerer).

The table below contains selected information from recent financial statements of The Home Depot, Inc., and Lowes Companies, Inc., two companies in the home improvement retail industry ($ in millions):

Home Depot Lowe's
2/2/14 2/3/13 1/31/14 2/1/13
Net sales $ 80,207 $ 76,149 $ 54,812 $ 51,916
Cost of goods sold 52,817 49,227 29,470 33,509
Year-end inventory 12,035 11,555 9,262 8,735
Industry Averages:
Gross profit ratio 33 %
Inventory turnover ratio 3.7 times
Average days in inventory 99 days

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 2014. (Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions.)

-- End of text format --

Thank you for your time!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!