Finding Financial Information			LO3-2, 3-4, 3-6
Refer to the financial statements of Urban Outfitters in Appendix C at the end of the book.
Required:
1. What is the company's revenue recognition policy? (Hint: Look in the notes to the financial statements.)
2. Assuming that $50 million of cost of sales was due to noninventory purchase expenses (distribution and occupancy costs), how
much inventory did the company buy during the year? (Hint: Use a T-account of inventory to infer how much was purchased.)
	INVENTORY (in thousands)
Inventory purchased during the year:
3. Calculate selling, general, and administrative expenses as a percent of sales for each year presented. (Dollars in thousands.)
Year Ended	SG&A Expenses /	Net Sales Revenue	= Percentage
2012
2011
2010
By what percent did these expenses increase or decrease from fiscal years ended 2011 and 2012 and between 2010 and 2011?
(Hint: Percentage Change = [Current Year Amount Prior Year Amount]/Prior Year Amount.)
		% Change	Incr. or Decr.
Between years ended 2011 and 2012:
Between years ended 2010 and 2011:
4. Compute the company's net profit margin for each year presented. (Dollars in thousands.)
Fiscal Year Ended	Net Income /	Net Sales (or Operating) Revenues	= Net Profit Margin Ratio
2012
2011
2010
Explain net profit margin ratio and discuss the results shown above.