37) Fill in Correct answer. Use the following to calculate the inventory turnover ratio for the year 2019. Cost of Goods Sold Merchandise Inventory 2019 2018 585,000 475,000 320,000 295,000 38) Which of the following best describes horizontal analysis? A) comparing financial statement line items from year to year for the same company B) expressing each financial statement amount as a percentage of a budgeted amount C) comparing a company's financial statements with other companies D) calculating key ratios to evaluate performance E) none of the above