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)	2013	2012
Tiffany & Co.
Revenues	$4,231	$3,974
Cost of goods sold	1,766	1,664
Inventory	2,477	2,335
Zale Corporation
Revenues	$1,963	$1,900
Cost of goods sold	979	939
Inventory	813	759
Blue Nile, Inc.
Revenues	$495	$433
Cost of goods sold	441	358
Inventory	80	50

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				Blue Nile
	2013		2012		2013		2012		2013		2012
Gross profit	Answer		Answer		Answer		Answer		Answer		Answer
Gross profit margin (GPM)	Answer	%	Answer	%	Answer	%	Answer	%	Answer	%	Answer	%

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.

	Tiffany	Zale	Blue Nile
Inventory turnover	Answer	Answer	Answer
Avg. inventory days outstanding	Answer	Answer	Answer