Selected financial statement data from Western Colorado Stores is shown below. 
Required:
1. Compute the gross profit ratio for 2013.
2. Compute the inventory turnover ratio for 2013.
Definitions:
Compliance
The act of adhering to rules, standards, or laws set by governments or regulatory authorities.
Community Standards
Accepted norms and values that are recognized and upheld by a group or society.
Ethical Decision Making
The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.
Consumers
Individuals or entities that purchase goods or services for personal use as opposed to resale or commercial purposes.
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