Brief Exercise 12-8 Calculate Inventory Turnover Ratio In 2012, Ralph's Rug Outlet generated net sales of $1,250,000 and cost of goods sold of $723,000. Ralph's average inventory of rugs during the year was $95,300. Required: Calculate Ralph's inventory turnover ratio for the year. Round your answer to two decimal places. _________________ Ralph's Rug Outlet's inventory ratio compares _________________ during a period to its _________________ . A ratio of _________________ indicates that the company sold _________________ seven dollars of inventory for every dollar o