Glad Rags,Inc Required:
A

Glad Rags,Inc.sells women's clothes.Provided below is selected financial statement information:
$\begin{array}{l}\begin{array}{lll}\text {Glad Rags, Inc.}\\\text {Selected Financial Statement data}\\\text { Fiscal year end}\\\text {(amounts in thousands of dollars)}\\\text {Net sales}\\\text {Cost of Goods Sold}\\\text {Gross profit}\\\text {Inventory}\\\end{array}\begin{array}{lll}\\\\2010&2009\\\\\$ 47,895 & \$ 42,589 \\(35,952) & (32,588)\\\$ 11,943&\$ 10,001 \\\$ 5,548 & \$ 4,948\\\end{array}\end{array}$
Required:
a.Compute the inventory turnover ratio for 2010.
b.Clothes,Inc.projects that sales will grow at a compound rate of 7% per year for years 2011-2013 and that the cost of goods sold to sales percentage will equal that realized in 2010.Compute the projected implied level of inventory at the end of 2011 to 2013.

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a.Inventor...

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