Chapter 12 Qvestion 24 (of 25) 0.50 points Brief Exercise 12-7 Calculate Inventory turnover (L012-3) Unlversal Sports Supply began the year with an Iinventory balance of $71,000 and a year-end balance of e9,000. Sales of $736,000 generate a gross proft of $245,000. Calculate the Inventory turnover ratio for the year. (Round your final answer to 1 decimal place) Universal Sports Supply References Book&Resources Difficulty 1 Easy Leaming Objnctive 12-03 Use ratios to anlye Brief Exercise 12-7 Calculate inventory turnever (LO12-3) Check my.work MacBook Air 6 4 3 2