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Calculate the gross margin and gross margin ratio

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Reference no: EM133121621

Question - The following information was taken from the accounting records of Pembroke Ltd. and Deep River Ltd. at October 31, 2020. The two companies are competitors.

 

Pembroke Ltd.

Deep River Ltd.

Ending inventory, Oct. 31, 2019 

$407,000

$144,000

Ending inventory, Oct. 31, 2020 

289,000

476,000

Cost of goods sold, 2020 

5,428,800

4,216,000

Sales for 2020

6,786,000

8,432,000

Required - Calculate the gross margin, gross margin ratio, and inventory turnover ratio at October 31, 2020, for:

i. Pembroke Ltd.

ii. Deep River Ltd.

Reference no: EM133121621

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