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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 $405,000 407.000 2,354,800 5,887,000 Jonquire Lte $144,000 192.000 1,024,800 2,562,000 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 11. Jonquiere Lte. (Round inventory turnover ratio to 1 decimal place, eg. 10.1.) Chicoutimi Lte Jonquire Lte $ Gross margin Gross margin ratio Inventory turnover ratio % % times times eTextbook and Media List of Accounts During the December 20, 2020, inventory count at Chicoutimi Lte. $80,000 of inventory shrinkage was identified. It had not been recorded in the inventar account During the December 20, 2020. inventory count at Chicoutimi Lte. $80,000 of inventory shrinkage was identified. It had not been recorded in the inventory account. 1. Prepare the entry to record the inventory shrinkage of $80,000. (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 titles 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, e.g. 8.5.) Chicoutimi Lte 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, eg. 10,5% and inventory turnover ratio to 1 decimal place, e.g. 8.5.) Chicoutimi Lte Gross margin $ I Gross margin ratio % Inventory turnover ratio times

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