Wrecking Ball Remodeling uses the percentage-of-sales approach for its advertising budget. If the company allocates 5 percent of last year's sales to advertising, and had sales of $50 million, what will be Wrecking Ball's advertising budget?

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.)