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Required information Problem 6-8A Use the inventory turnover ratio and gross profit ratio to analyze companies (LO6-7) [The following information applies to the questions displayed below.) Wawa Food Markets is a convenience store chain located primarily in the Northeast. The company sells gas, candy bars, drinks, and other grocery-related items. St. Jude Medical Incorporated sells medical devices related to cardiovascular needs. Suppose a local Wawa Food Market and St. Jude sales office report the following amounts in the same year (company names are disguised): Net sales Cost of goods sold Gross profit Average inventory Company 1 $ $490,000 261,000 $229,000 $ 49,000 Company 2 $490,000 411,000 $ 79,000 $ 39 , Problem 6-8A Part 1 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. Inventory Turnover Ratio Company 1 Company 2