Required Information 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 $4ee, eee 180, 809 $220, Bee Company 2 $4ee, eee 330, eee $ 70,00 $ 40, eee $ 30,000 Problem 6-8A Part 1 Required: 1. For Company 1 and Company 2. calculate the inventory turnover ratio. Inventory Turnover Ratio Company 1 Company 2 2. For Company 1 and Company 2. calculate the gross profit ratio. Gross Profit Ratio Company 1 Company 2