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The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement
The table below contains selected information from recent financial statements of The Tool Station, Incorporated, and Howard's Companies, Incorporated, two companies in the home improvement retail industry ($ in millions):
Tool Station | Howard's | |||
---|---|---|---|---|
1/28/2020 | 1/29/2019 | 2/2/2020 | 2/3/2019 | |
Net sales | $ 101,204 | $ 94,895 | $ 68,919 | $ 65,317 |
Cost of goods sold | 66,848 | 62,582 | 45,510 | 42,853 |
Year-end inventory | 13,048 | 12,849 | 11,693 | 10,758 |
Required:
Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2020.
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