! Required information [The following information applies to the questions displayed below.) 4 Grant Enterprises and Lee Corporation report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Grant $ 25,000 19,000 276,200 16,000 Lee $ 51,000 61,000 244,600 61,000 ok . 2. Calculate the inventory turnover ratio for each company. 11 Inventory Turnover Ratio nces Grant = times Lee times