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following information was taken from the accounting records of Chicoutimi Lte. and Jonquire Lte. at December 31,2024. e two companies are competitors. Required a) Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31,2024 , for each company. During the December 20,2024 inventory count at Chicoutimi Lte., $75,000 of inventory shrinkage was identified. It had not been recorded in the inventory account. (i) Prepare the entry to record the inventory shrinkage of $75,000. (ii) Re-calculate Chicoutimi's gross margin, gross margin ratio, and inventory turnover ratio after the adjusting journal entry is made. (Hint: You need to adjust the ending inventory balance for 2024 and the cost of goods sold.) (iii) Describe what happened to Chicoutimi's gross margin ratio and inventory turnover ratio after adjusting for the imventory shrinkage. c) Which company do you think is better at managing inventory? Explain your