Application Problem 7-16A a, b1-b2 (Part Level Submission) The following information was taken from the accounting recordss of Chicoutimi Lte. and Jonquire Lte. at December 31, 2020. The two companies are competitors Chicoutimi Lte Jonquire Lte Ending inventory, Dec. 31, 2019 Ending inventory, Dec. 31, 2020 $402,000 $164,000 439,000 186,000 Cost of goods sold, 2020 2,859,400 1,085,000 Sales for 2020 5,718,800 2,170,000 (a) Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for i. Chicoutimi Lte i. Jonquire Lte (Round inventory turnover ratio to 1 decimal place, e.g. 10.1.) Chicoutimi Lte Jonquire Lte Gross margin Gross margin ratio % Inventory turnover ratio times times