Brief Exercise 6-16 Calculate Inventory ratlos (LO6-7) Use the following information Net sales Cost of goods sold Beginning inventory Ending inventory $210,000 148,000 47,000 37,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory tumover ratio times b. 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 Inventary tumover tio times b. 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 %