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). 2013 2012 $4,031 53,794 1,091 1,631 2.327 2.234 (5 millions) Tiffany & Co. Revenues cost of goods sold Inventory Zale Corporation Revenues Cost of goods sold Inventory Blue Nile, Inc. Revenues cost of goods sold Inventory 51.888 $1.867 904 906 768 742 $450 366 $400 325 a. Compute the gross profit margin (GPM) for each of these companies for 2013 and 2012 Tiffany Blue Nile 2013 2012 2013 0 Gross profit 50 50 50 50 50 50 Gross profit margin (GPM) 0 0 % 0 % 0 % 0 % 0 % , 2013 2012 2013 2012 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 0 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 35% tax rate, how much money did Zale Save in fiscal 2013 using LIFO and how much has Zale saved since it began using UFO to value its inventories? Round each answer to one decimal place. $ Amount saved in toves to date Amount saved in taxes for year ending 7/31/2013 5 0 million million 0