A convenience store which is gone outside their stores and sells various food items inside their stores reported the following selected information Sales Cast of Goods Sold Beginning Inventory Ending Inventory Gasoling $1.500.000 1,200,000 23.000 26,000 Merchandise $1.810,000 1,100,000 102,000 94,000 Instructions, 1. Calculate the grou profit percentage for cach type of product 2. Calculate the inventory turnover ratio for each type of product 3. Compute the number of days of inventory outstanding for each type of product 4. Why do you think there is such a difference in the two answers for number 3 5. If the merchandise bada market value of 597,000 at the end of the year, whatentry would you make to record that fact? 6. Based upon your answer for number 5, what would be the inventory tumuertatio for the merchandise