Problem 6-8A Use the inventory turnover ratio and gross profit ratio to analyze companies (L06-7) [The following information applies to the questions displayed below) Wawa Food Markets is a convenience store chain located primarily in the Northeast. The company sells gas, candy bars. drinks, and other grocery related items. St Jude Medical Incorporated sells medical devices related to cardiovascular needs. Suppose a local Wawa Food Market and St. Jude sales office report the following amounts in the same year (company names are disguised/ Net sales Cost of goods sold Gross profit Average Inventory Company 1 $470,000 243,000 $227,000 $ 47,000 Company 2 5470,000 393,000 $ 27,000 $ 37,000 Problem 6-8A Part 1 Required: 1. For Company 1 and Company 2. calculate the inventory turnover ratio ho Inventory Turnover Ratio Company Company 2 Problem 6-8A Use the inventory turnover ratio and gross profit ratio to analyze companies (LO6-7) [The following information applies to the questions displayed below) Wawa Food Markets is a convenience store chain located primarily in the Northeast. The company sells gas, candy bars, drinks, and other grocery-related items St Jude Medical Incorporated sells medical devices related to cardiovascular needs. Suppose a local Wawa Food Market and St. Jude sales office report the following amounts in the same year (company names are disguised) Net sales Cost of goods sold Gross profit Average Inventory Company 1 $470,000 243,000 $227,000 $ 47,000 Company 2 $470,000 393,000 $ 77,000 $ 37,000 Problem 6-8A Part 2 2 For Company 1 and Company 2. calculate the gross profit ratio. Gross Profit Ratio Company 1 Company 2