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 170.000 Gross profit 330,000 Selling, general, and administrative expenses 100,000 Operating income 230,000 Interest revenue 15,000 Interest expense (5,000) Income before income taxes 240,000 Income tax expense 25,000 Net income $215,000 at 12/31/X5 at 12/31/X4 $45,000 Accounts Receivable (net) Inventory $55,000 $20,000 $10,000 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: times Question #2: What is the company's gross profit ratio for 20x5 expressed as a percentage