Below is a condensed income statement for 20X5 as well as select balance sheet information for 20X5 and 20X4 for a local company.

Net sales	$500,000
Cost of goods sold	200,000
Gross profit	300,000
Selling, general, and administrative expenses	100,000
Operating income	200,000
Interest revenue	3,000
Interest expense	(4,000)
Income before income taxes	199,000
Income tax expense	49,750
Net income	$149,250

	at 12/31/X5	at 12/31/X4
Accounts Receivable (net)	$60,000	$45,000
Inventory	$20,000	$16,000

Required: Using the above information, answer the following two questions:

Question #1: On average, how many times did the company's inventory turnover in 20X5? Note: Round answer to two decimal places (ex. 4.6572 = 4.66) Answer:

Question #2: What is the company's gross profit ratio for 20X5 expressed as a percentage? Answer: