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Question 1 (11 marks) Specialty Chocolates Ltd. and Granola Inc. are both speciality food chains. The two companles report these figures: Specialty 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 THMG 310-001 Spring 2022 Assignment 4. Chapters & 8 Totol 64 marts Due Friday, March 11, 2032 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