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 $ 17,000 11,000 160,200 8,000 Lee $ 43,000 53,000 173,400 53,000 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 $ 17,000 $ 43,000 160,200 173,400 8,000 53,000 ! 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) Grant $ 17,000 Lee $ 43,000 Inventory (ending) Purchases Purchase returns 11,000 160,200 8,000 53,000 173,400 53,000 2. Calculate the inventory turnover ratio for each company. Grant Inventory Turnover Ratio Lee times times