Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020:

	2021	2020
Sales	$ 305,000	$ 284,000
Sales returns and allowances	9,000	6,000
Net sales	$ 296,000	$ 278,000
Cost of goods sold:
Inventory, January 1	43,000	36,000
Net purchases	152,000	146,000
Goods available for sale	195,000	182,000
Inventory, December 31	57,000	43,000
Cost of goods sold	138,000	139,000
Gross profit	$ 158,000	$ 139,000

a) Calculate ATC's gross profit ratio for 2021

b) Calculate ATC's Inventory Turnover profit ratio for 2021