View Policies Current Attempt in Progress The following information was taken from the accounting records of Chicoutimi Lte, and Jonquire Lte. at December 31, 2020 The two companies are competitors. Ending inventory, Dec 31, 2019 Ending inventory, Dec. 31, 2020 Cost of goods sold, 2020 Sales for 2020 Chicoutimi Lte $408,000 454,000 3.275,600 6,551,200 Jonquire Lte $137,000 187.000 1,296,000 2.592,000 Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for: i. Chicoutimi Lte. ii. Jonquire Lte (Round inventory turnover ratio to 1 decimal place, eg. 10.1) Chicoutimi Lte Jonquire Lte $ $ Gross margin o & TI Ps F7 16 59 F10 FH1 F12 Wor Prawo sen 2 & Question 2 of 2 /26 During the December 20, 2020, inventory count at Chicoutimi Lte. $67,000 of inventory shrinkage was identified. It had not been recorded in the inventory account. i. Prepare the entry to record the inventory shrinkage of $67,000. (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 tities and enter for the amounts.) Account and explanation Debit Credit 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 2020 and the cost of goods sold. (Round gross margin ratio to 1 decimal place, e.g. 10.5% and inventory turnover ratio to 1 decimal place, eg. 8.5.) Chicoutimi Lte Gross margin Gross margin ratio % Inventory turnover ratio times o > c: Ps 3 *** acer +/10 Question 1 of 2 $ View Policies Current Attempt in Progress Scott's Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31: Units Unit Cost Unit NRV Product Item Skates: Bauer CCM Running shoes: Adidas Nike 14 10 $258 $419 $400 $357 5 $122 $121 $122 $113 Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item. Ending inventory balance Texthonk and Media Calculate the ending inventory balance for skates and running shoes using the historical unit costs provided. Ending inventory balance $ eTextbook and Media Compare the difference in the ending inventory amounts. Which amount provides a more faithful representation of the inventory value? The method provides a more faithful representation of the inventory value. e Textbook and Media