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). (5 millions) 2013 2012 Tiffany & Co. Revenues $4,031 $3,794 Cost of goods sold 1,091 1,631 Inventory 2.327 2.234 Zale Corporation Revenues 51,885 51.867 Cost of goods sold 904 906 Inventory 768 742 Blue Nile, Inc Revenues 5450 5400 Cost of goods sold 366 325 Inventory 35 33 a. Compute the gross profit margin (GPM) for each of these companies for 2013 and 2012 Tiffany Blue Nile 2013 2012 2013 2012 2013 2012 Gross profit Gross profit margin (GPM) 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 Avg. Inventory days outstanding d. Zale reports that as of July 31, 2013 its LIFO reserve totaled $63 million while at July 31, 2012 it totaled $58.3 million. Using a 3546 tax rate, how much money did Zale save in fiscal 2013 using LIFO and how much has Zale saved since it began using LIFO to value its inventories? Round each answer to one decimal place. Amount saved in taxes to date Amount saved in taxes for year ending 7/31/2013 5 million million