Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Crane Company show the following data:

		2021			2020			2019
Income statement:
Sales		$350,000			$325,000			$360,000
Cost of goods sold		247,000			228,000			273,000
Operating expenses		70,000			70,000			70,000
Balance sheet:
Merchandise inventory		52,000			44,000			35,000

After its July 31, 2021, year end, Crane discovered two errors:

1.		At July 31, 2020, Crane had $10,000 of goods held on consignment at another company that were not included in the physical count.
2.		In July 2020, Crane recorded a $15,000 inventory purchase on account that should have been recorded in August 2020.

Prepare corrected income statements for Crane for the years ended July 31, 2019, 2020, and 2021. Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.)

		2020			2021
Incorrect inventory turnover			times			times
Correct inventory turnover