! 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 Company 1 $410,000 189,000 $221,000 Company 2 $410,000 339,000 $ 71,000 $ 31,000 Average inventory $ 41,000 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