AP7-15A (Inventory turnover) The following information pertains to two competitors, Superior Inc. and Michigan Corp. Cost of Goods Sold Company Beginning Inventory Ending Inventory Superior Inc $180,000 S150,000 $1,240,000 Michigan Corp. $410,000 $460,000 $2,270,000 Superior Inc. reported sales revenues of S1,610,000, and Michigan Corp. reported sales revenue of $3,365,000. Required a. Calculate the inventory turnover ratio for Superior and Michigan b. Calculate the gross margin and gross margin ratio for Superior and Michigan. c. On the basis of inventory turnover, which company is moving its inventory faster? Does that mean the inventory is better managed? Explain d. On the basis of gross margin ratio, which company is earning a higher profit margin? e. Which company do you think is better managed? Explain your