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?
Definitions:
Collection Time
The average period it takes for a business to receive payments owed by its customers for goods or services.
Cheques
Physical, written instruments instructing a bank to pay a specific amount of money from the writer's account to the person or entity named on the cheque.
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