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The following data have been extracted from the income statement of Llandilo Furniture Store.
2020 2019
Net sales $ 545 600 $601 950
Cost of sales 332 130 356 740
Pro?t 1 02 350 145 320
Inventory (ending) 74 760 79 200
Required
Question (a) Calculate the gross profit ratio, profit margin, and expenses to sales ratio for the years 2019 and 2020.
Question (b) Assuming that the inventory at the beginning of 2019 is $63 300, calculate the inventory turn-over for 2019 and 2020.
Question (c) Advise management on any trends in these ratios, and any actions you consider necessary.
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