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Question 1 (11 marks) Spedalty Chocolates Ltd. and Granola Inc. are both speciality food chains. The two companies report these figures: Spedalty Chocolates Ltd. Income Statement Fiscal Year 2020 Fiscal Year 2019 Revenues $543,000 $708,000 Costs and Expenses Cost of goods sold $475,000 $598,000 General and administrative $68,000 $55,000 expenses Specialty Chocolates Ltd. Balance Sheet Fiscal Year 2020 Fiscal Year 2019 Current assets Cash Accounts receivable Inventories $17,000 $27,000 $24,000 $28,000 $30,000 $29,000 Granola Inc. Income Statement Fiscal Year 2020 $7,787,000 Fiscal Year 2019 $6,369,000 $3,179,000 $2,605,000 Revenues Costs and Expenses Cost of goods sold General and administrative expenses $2,948,000 $2,363,000 Granola Inc. Balance Sheet Fiscal Year 2020 Fiscal Year 2019 Current assets Cash Accounts receivable Inventories $313,000 $224,000 $636,000 $174,000 $191,000 $546,000 THVG 310-001, Spring 2022 Assignment 4, Chopters 7 & 8 Total- 64 morks Due: Friday, March 29, 2022 Required 1 Calculate the gross profit, gross profit percentage, Inventory turnover and days in Inventory for 2020 for each company 2. Based on the results from requirement 1, which company looks more profitable? 3. Based on the results from requirement 1, which company seems to be better managing Inventory? What is the risk of high inventory turnover and risk of low inventory turnover