Please do not give solution in image format thanku Wawa Food Markets is a convenience store chain located primarily in the Northeast. The company sells gas, candy bars, drinks, andother grocery-related items, St. Jude Medical Incorporated sells medical devices related to cardiovascular needs. Suppose a localWawa Food Market and St. Jude sales office report the following amounts in the same year (company names are disguised):Net salesCost of goods soldGross profitAverage inventoryCompany 1$ 480,000252,000$ 228,000$ 48,000Required:1. For Company 1 and Company 2, calculate the inventory turnover ratio.2. For Company 1 and Company 2, calculate the gross profit ratio.3. After comparing the inventory turnover ratios and gross profit ratios, which company do you think is Wawa?Required 1Company 2$ 480,000402,000$ 78,000$ 38,000Complete this question by entering your answers in the tabs below.Required 2 Required 3For Company 1 and Company 2, calculate the inventory turnover ratio. Required 1 Required 2 Required 3For Company 1 and Company 2, calculate the inventory turnover ratio.Inventory Turnover RatioCompany 1Company 2Numerator or DenominatorRequired 1 Required 2 Required 3Company 1Complete this question by entering your answers in the tabs below.Company 2For Company 1 and Company 2, calculate the gross profit ratio.Gross Profit RatioNumerator or DenominatorAmounts< Required 1Required 1 Required 2 Required 3Amounts< Required 1Complete this question by entering your answers in the tabs below.< Required 2Required 2 >After comparing the inventory turnover ratios and gross profit ratios, which company do you think is Wawa?After comparing the inventory turnover ratios and gross profit ratios, which company doyou think is Wawa?Required 3 >Required 3 >

Inventory turnover ratio is calculated by dividing cost of goods sold by average inventory. The…

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 $ 480,000 252,000 $ 228,000 $ 48,000 Company 2 $ 480,000 402,000 $ 78,000 $ 38,000 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. 2. For Company 1 and Company 2, calculate the gross profit ratio. 3. After comparing the inventory turnover ratios and gross profit ratios, which company do you think is Wawa? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For Company 1 and Company 2, calculate the inventory turnover ratio.

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 $ 480,000 252,000 $ 228,000 $ 48,000 Company 2 $ 480,000 402,000 $ 78,000 $ 38,000 Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. 2. For Company 1 and Company 2, calculate the gross profit ratio. 3. After comparing the inventory turnover ratios and gross profit ratios, which company do you think is Wawa? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For Company 1 and Company 2, calculate the inventory turnover ratio.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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