Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three retailers of fine jewelry, Tiffany & Co., Zale Corporation, and Blue Nile, Inc. (an Internet retailer). ($ millions) Tiffany & Co. Revenues 2013 2012 $4,131 $3,879 Cost of goods sold 1,741 1,666 Inventory Zale Corporation 2,427 2,334 Revenues $1,938 $1,902 Cost of goods sold 954 941 Inventory 793 757 Blue Nile, Inc. Revenues $475 $435 Cost of goods sold 416 360 Inventory 60 48 a. Compute the gross profit margin (GPM) for each of these companies for 2013 and 2012. Note: Round GPM answers to one decimal place (ex: 0.2345 = 23.5%). Tiffany Zale 2013 2012 2013 2012 Gross profit $ $ $ Gross profit margin (GPM) % % % % Blue Nile 2013 2012 $ % % b. Compute the inventory turnover ratio and the average inventory days outstanding for 2013 for each company. Do not round until your final answer. Round inventory turnover to one decimal place. Round average inventory days outstanding to nearest whole number. Inventory turnover Avg. inventory days outstanding Tiffany Zale Blue Nile