8 Required information The following information applies to the questions displayed below) Part 14 Grant Enterprises and Lee Corporation report the following amounts for the year. 10 Twenty Chegning) Inventory (ending) Purchases Purchase returne 8 13,000 11,000 100, 200 0.000 3.43,000 123,400 53,000 Required: 1. Calculate cost of goods sold for each company Beginning inventory Cost of goods valable for sale Cost of goods sold Required information [The following information applies to the questions displayed below.] Part 2 of 4 Grant Enterprises and Lee Corporation report the following amounts for the year. 10 points Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 17,000 11,000 160,200 8,000 Lee $ 43,000 53,000 173,400 53,000 03:25:52 eBook Hint Print 2. Calculate the inventory turnover ratio for each company. References Inventory Turnover Ratio Grant times Lee times 10 Required information [The following information applies to the questions displayed below.) Part 3 of 4 Grant Enterprises and Lee Corporation report the following amounts for the year. 10 points Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 17,000 11,000 160,200 8,000 Lee $ 43,000 53,000 173,400 53,000 3 022534 eBook Hint Print 3. Calculate the average days in inventory for each company (Round your intermediate calculations to 1 decimal place.) Brencer Average Days in Inventory Grant days Lee days Required information The following information applies to the questions displayed below.) Part 4 of 4 Grant Enterprises and Lee Corporation report the following amounts for the year. 10 points 03:25:13 Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 17,000 11,000 160,200 8,000 Lee $ 43,000 53,000 173,400 53,000 eBook Hint Print References 4. Which company appears to be managing its inventory more efficiently? Grant Enterprises O Lee Corporation