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) : Company 1 Company 2 Net sales $ 400,000 $ 400,000 Cost of goods sold 180,000 330,000 Gross profit $ 220,000 $ 70,000 Average inventory $ 40,000 $ 30,000 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio.
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