Revision Exercise (54 words)

Due to the fact that our company is
in need of new ideas from
management, I recommend we hire
Ms. Smith because she is a woman
who has more than ten years worth
of executive experience, in spite of
the fact that much of it was in an
industry that was different from ours.

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)