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The following information was taken from the accounting records of Chicoutimi Lte. and Jonquire Lte....

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Accounting

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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. 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, e.g. 10.1.) During the December 20,2020 , inventory count at Chicoutimi Lte., $69,000 of inventory shrinkage was identified. It had not been recorded in the inventory account. i. Prepare the entry to record the inventory shrinkage of \$69,000. (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 0 for the amounts.) 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.)

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