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 $500,000 170,000 330,000 100,000 230,000 15,000 (5.000) 240,000 25,000 $215,000 Interest revenue Interest expense Income before income taxes Income tax expense Net income at 12/31/X5 at 12/31/X4 Accounts Receivable (net) $55,000 $45,000 Inventory $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