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The following information was taken from the accounting records of Chicoutimi Lt e . and Jonqui re Lt e . at December 3 1 ,
The following information was taken from the accounting records of Chicoutimi Lte and Jonquire Lte at December The
two companies are competitors.
Part
Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December for:
i Chicoutimi Lte
ii Jonquire Lte Part
Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December for:
i Chicoutimi Lte
ii Jonquire Lte
Round inventory turnover ratio to decimal place, eg Part
During the December inventory count at Chicoutimi Lte $ of inventory shrinkage was identified. It had not
been recorded in the inventory account.
i Prepare the entry to record the inventory shrinkage of $Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. ii Recalculate Chicoutimi's gross margin, gross margin ratio, and inventory turnover ratio after the adjusting journal entry is
made. Hint: You need to adjust the ending inventory balance for and the cost of goods sold.Round gross margin ratio to decimal
place, eg and inventory turnover ratio to decimal place, eg
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