A convenience store which sells gasoline outside their stores and sells various food items inside their stores reported the following selected information: Sales Cost of Goods Sold Beginning Inventory Ending Inventory Gasoline $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 gross profit percentage for each 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 had a market value of $97,000 at the end of the year, what entry would you make to record that fact? 6. Based upon your answer for number 5, what would be the inventory turnover ratio for the merchandise