The Following Information Is for Barrel and Its Competitor Crate

question 18

Essay

The following information is for Barrel and its competitor Crate.
Required:
1.Calculate the dollar amount of gross margin and the gross margin ratio to the nearest percent,for each company for both years.
2.Which company had the more favorable ratio for each year?
3.Which company had the more favorable change in the gross margin ratio over this 2-year period?

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Definitions:

Extra Vacation Week

An additional week of vacation granted beyond the standard allocated time, often as a benefit or reward.

Valid Contract

An agreement between two or more parties that is enforceable by law, having all essential elements like offer, acceptance, and consideration.

Injustice

A situation or action that is perceived as unfair, unequal, or undeserving.

Preexisting Duty Rule

In contract law, a principle that states if someone is already legally required to perform a certain duty, promising to perform that duty is not sufficient consideration for a new contract.