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 $400,000 180,000 $220,000 $ 40,000 Company 2 $400,000 330,000 $ 70,000 $ 30,000 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. Inventory Turnover Ratio Gross sales Company 1 0 Company 2 0