Ivanhoe Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Ivanhoe Company show the following data 2021 2020 2019 Income statement: Sales Cost of goods sold Operating expenses Balance sheet Merchandise Inventory $340.000 236,000 70.000 $325,000 229,000 70,000 $350,000 265,000 70.000 55,000 46.000 35,000 After its july 31, 2021 year end. Ivanhoe discovered two errors 1. At July 31, 2020, Ivanhoe had $10.000 of goods held on consignment at another company that were not included in the physical count 2. In July 2020. Ivanhoe recorded a $15.000 inventory purchase on account that should have been recorded in August 2020 K u me Statements for anhoe for the years ended July 31, 2019, 2020, and 2021. IVANHOE COMPANY Income Statement Year Ended July 31 2021 2020 2019 Sales 340000 325000 350000 Cost of Goods Sold 273000 217000 266000 Gros Pro 79000 118000 Oparaten 70000 70000 70000 45000 11000 edia - Your answer is partially correct. Calculate the incorrect and correct Inventory tumover ratios for 2020 and 2021. (Round answers to 2 decimal places, s. 52.75.) 2020 2021 Incorrect inventory turnover 5.65 times times Correct inventory turnover 493 times times e Textbook and Media 6 NU Desktop EI A S