A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are amounts related to Golf USA's inventory at the end of the year. Inventory Shirts Mega Driver Mega Driver 11 Quantity 33 13 28 Cost $ 58 340 340 NRV $ 68 240 400 2. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for inventory. Below are amounts found in the income statements of three companies. Sales Company Revenue Henry $40,000 Grace 43,000 James 48,000 Cost of Goods Sold $ 16,000 27,950 27.360 Operating Expenses $5,400 16,500 3,400 Non- operating Expenses $2,400 7,400 0 Income Tax Expense $2,400 0 3.400 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James - Accounts payable Average accounts receivable Average inventory Cash collected 2-b. Which company has the most favorable ratio