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Financial information for American Eagle is presented in Appendix A.
1. For the most recent year, what is the amount of inventory in the balance sheet?
2. For the most recent year, what is the amount of cost of goods sold in the income statement?
3. Calculate American Eagle's inventory turnover ratio and average days in inventory for the most recent year.
4-a. Calculate American Eagle's gross profit ratio for each of the three years.
b. Do you notice any trends?
5. For the most recent year, calculate American Eagle's ratio of operating expenses (other than cost of goods sold) to net sales.
(Hint: These operating expenses include those amounts subtracted from gross profit to calculate operating income.)
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This payment included the accrued amount at December 31, plus $2500 for the first few days of January.
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