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Gunge AG and Guntzel AG are both wholesale companies working in the same business segment. Given the information embedded in a number of ratios that we collected (see table below), they seem, however, to take a dif- ferent customer approach to their business.
Ratio
Gunge AG
Guntzel AG
Return on capital employed (ROCE)
14%
15%
Credit given
59 days
19 days
Credit obtained
50 days
47 days
Gross operating margin
42%
17%
Current ratio
2.4
1.3
Net operating margin
11%
Days inventory outstanding
21 days
Required:
Explain what the ratios reveal with regard to the operating approach of Gunge AG and Guntzel AG. Take into account price competitiveness and customer service level.
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