Fill in the blank and answer the questions for both companies. Both companies have a tax rate of 30%.

Luthor Industries – FY 2012                              

Net Sales: $49,530

Beginning Inventory: $10,401

Net Purchases: _____

Ending Inventory: $11,901

Cost of Goods Sold: ______

Gross Profit: $7,939

Operating Expenses: _____

Income from Operations (IBIT): $2,300

Income Tax Expense: _____

Net Income (or Loss): _____

Wayne Enterprises – FY 2012

Net Sales: _____

Beginning Inventory: $7,239

Net Purchases: $43,434

Ending Inventory: _____

Cost of Goods Sold: $42,934

Gross Profit: _____

Operating Expenses: 9,000

Income from Operations (IBIT): 7,500

Income Tax Expense: _____

Net Income (or Loss): _____

1. Find the Gross Profit Percentage of Wayne Enterprises for FY 2012.

2. Find the Inventory Turnover for Luthor Industries for FY 2012.

3. Find the Days Sales in Inventory for Luthor Industries for FY 2012.