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 S600,000 120,000 480,000 100,000 380,000 3,000 4000 379,000 55.500 S323,500 at 12/31x5 at 12/31X4 Accounts Receivable (net) 55,000 S45,000 $25,000 S35,000 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 20X67 Note: Round answer to two decimal places lex. 4.6572 = 4.66) Answer: times Question #2: What is the company's gross profit ratio for 20X5 expressed as a percentage