Calculate the gross profit ratio and inventory turnover ratio. (LO 6)
The following information is from the financial statements of Toys for Toddlers Company
| For year ended | December 31, | December 31, | December 31, |
| (amount sin thousands) | 2007 | 2006 | 2005 |
| Sales | $2,534,135 | 52,187,438 | $ 1,925,319 |
| Cost of goods sold | 1,634,562 | 1,383,655 | 1,229,277 |
| Inventory | 54,353 | 47,433 | 45,334 |
Required
a. Calculate the gross profit ratio for the last 2 years shown.
b. Calculate the inventory turnover ratio for the last 2 years shown.
c. What information do these comparisons provide?
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