1 The following information was pulled from Beak and Skiff's annual report. Assets Raw material inventory $210,000 Work-in-process inventory $25,000 Finished goods inventory $410,000 Property, plant & equipment $700,000 Other assets $50,000 Total assets $1,395,000 Condensed Income Statement Revenue Cost of goods sold Other expenses Net income $3,000,000 $700,000 $850,000 $1,450,000 Calculate (a) Percent invested in inventory (2 pts.) and (b) Inventory turnover (3 pts.)