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

		2021			2020			2019
Income statement:
Sales		$350,000			$330,000			$310,000
Cost of goods sold		245,000			235,000			225,000
Operating expenses		76,000			76,000			76,000
Balance sheet:
Merchandise inventory		55,000			45,000			35,000

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

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

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Prepare corrected income statements for Harrison for the years ended July 31, 2019, 2020, and 2021.

HARRISON COMPANY Income Statement Year Ended July 31
		2021		2020		2019
InvestmentsOperating ExpensesProfit / (Loss)Merchandise InventorySalesCost of Goods SoldGross Profit		$		$		$
Profit / (Loss)Cost of Goods SoldMerchandise InventoryGross ProfitInvestmentsOperating ExpensesSales
Cost of Goods SoldGross ProfitOperating ExpensesProfit / (Loss)Merchandise InventoryInvestmentsSales
Cost of Goods SoldMerchandise InventoryGross ProfitOperating ExpensesProfit / (Loss)InvestmentsSales
InvestmentsGross ProfitOperating ExpensesSalesProfit / (Loss)Cost of Goods SoldMerchandise Inventory		$		$		$

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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			times			times