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Required information [The following information applies to the questions displayed below) Grant Enterprises and Lee Corporation report the following amounts for the year Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 14,000 8,000 120,000 5,000 Lee $ 40,000 50,000 150,000 50,000 Required: 1. Calculate cost of goods sold for each company Grant Lee Beginning inventory Cost of goods available for sale Cost of goods sold Required information The following information applies to the questions displayed below) Grant Enterprises and Lee Corporation report the following amounts for the year Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 14,000 8,000 120,000 5,000 Lee $ 40,000 50,000 150,000 50,000 2. Calculate the inventory turnover ratio for each company Inventory Turnover Ratio Grant times Lee - times Required Information The following information applies to the questions displayed below) Grant Enterprises and Lee Corporation report the following amounts for the year Grant Lee Inventory beginning) $ 14,000 $ 40,000 Inventory (endine) 3,000 50,000 Purchases 128,000 150,000 Purchase returns 5,000 50,000 3. Calculate the average days in inventory for each company (Round your intermediate calculations to 1 decimal place.) Average Bars eventory Grant days Lee days