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 Cost of goods sold Gross profit Selling, general, and administrative expenses Operating income Interest revenue Interest expense Income before income taxes Income tax expense Net income $400,000 150,000 250,000 100,000 150,000 25,000 (5,000) 170,000 10,000 $160,000 at 12/31/X5 at 12/31/X4 Accounts Receivable (net) $55,000 $45,000 $3,000 $5,000 Inventory 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 ex. 4.6572 4.66) Answer: to two decimal places times Question #2: What is the company's gross profit ratio for 20X5 expressed as a percentage