Requirea 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 $ 34,000 Lee $ 60,000 28,000 70,000 391,000 25,000 223,000 70,000 Required: 1. Calculate cost of goods sold for each company. Beginning inventory Add: Purchases Less: Purchase returns Cost of goods available for sale Cost of goods sold Grant Lee 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 $ 34,000 Lee $ 60,000 28,000 391,000 25,000 70,000 223,000 70,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio 365 Grant Lee = 0 times = 0 times