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Grant Enterprises and Lee Corporation report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 21,000 15,000 216,600 12,000

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Grant Enterprises and Lee Corporation report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 21,000 15,000 216,600 12,000 Lee $ 47,000 57,000 207,400 57,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio 1 Grant 0 times Lee O times

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