Brief Exercise 6-16 Calculate inventory ratios (LO6-7) Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory $225,000 160,000 50,000 40,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio times o. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.) Gross profit ratio %