The following information was taken from the accounting records of Chicoutimi Lte. and Jonquire Lte. at December 31, 2020. The two companies are competitors. Chicoutimi

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The following information was taken from the accounting records of Chicoutimi Lte. and Jonquire Lte. at December 31, 2020. The two companies are competitors. Chicoutimi Lte Jonquire Lte Ending inventory, Dec. 31, 2019 $363,000 $155,000 Ending inventory, Dec. 31, 2020 430,000 187,000 Cost of goods sold, 2020 2,656,550 940,500 Sales for 2020 6,641,375 2,351,250 Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for 1. Chicoutimi Lte

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