Required information Problem 6-8A Use the inventory turnover ratio and gross profit ratio to analyze companies (L06-7) [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 $330,000 117.000 $213,000 $ 33,000 Company 2 $330,000 267.000 $ 63,000 $ 23,000 Problem 6-8A Part 1 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. Inventory Turnover Ratio a Next > ! Required information Problem 6-BA 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 $330,000 117,000 $213,000 $ 33,000 Company 2 $330,000 262.000 $ 63,000 $ 23,000 Problem 6-8A Part 2 2. For Company 1 and Company 2, calculate the gross profit ratio. Gross Profit Ratio Company 1 3: Next