Required information (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 $430,000 207,000 $223,000 Company 2 $430,000 357,000 $ 73,000 $ 33,000 $ 43,000 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. Inventory Turnover Ratio Company 1 Company 2 Required information [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 $430,000 207,000 $223,000 $ 43,000 Company 2 $430,000 357,000 $ 73,000 $ 33,000 2. For Company 1 and Company 2, calculate the gross profit ratio. Gross Profit Ratio Company 1 Company 2