13. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017:

	2018				2017
Sales	$	324,000			$	287,000
Sales returns and allowances		7,700				5,900
Net sales	$	316,300			$	281,100
Cost of goods sold:
Inventory, January 1		47,000				22,000
Net purchases		132,000				127,000
Goods available for sale		179,000				149,000
Inventory, December 31		67,000				47,000
Cost of goods sold		112,000				102,000
Gross profit	$	204,300			$	179,100

ATC's gross profit ratio (rounded) in 2018 is: (Round your answer to one decimal place e.g., 0.123 as 12.3%.)

Multiple Choice

a. 64.6%.

b. 64.2%.

c. 59.3%.

d. None of these answer choices are correct.

14. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017:

	2018				2017
Sales	$	316,000			$	296,000
Sales returns and allowances		7,800				4,500
Net sales	$	308,200			$	291,500
Cost of goods sold:
Inventory, January 1		47,000				21,000
Net purchases		142,000				131,000
Goods available for sale		189,000				152,000
Inventory, December 31		60,000				47,000
Cost of goods sold		129,000				105,000
Gross profit	$	179,200			$	186,500

ATC's inventory turnover ratio for 2018 is: (Round your answer to two decimal places.)

Multiple Choice

a. 2.01.

b. 2.41.

c. 2.61.

d. None of these answer choices are correct.