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Problem 8.8A Marks & Spencer uses retail method to value its inventories. Recent financial statements were used to compile the following information (pound figures are in millions): instructions a. Using the information provided compute the following measures: 1. Inventory turnover. 2. Current ratio (see Chapter 5 for a discussion of this ratio). 3. Gross profit rate (see Chapter 6 for a discussion of this statistic). b. Assuming the cost ratio is 63 percent, estimate the ending inventory at retail prices