Oriole Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Oriole Company show the following data: 2021 2020 2019 Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 237,000 70,000 $335,000 239,000 70,000 $360,000 275,000 70,000 53,000 45,000 35,000 After its July 31, 2021, year end, Oriole discovered two errors: 1. At July 31, 2020, Oriole had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020, Oriole recorded a $15,000 inventory purchase on account that should have been recorded in August 2020. ORIOLE COMPANY Income Statement Year Ended July 31 2021 2020 2019 Sales $ $ 340000 335000 360000 Cost of Goods Sold 252000 224000 275000 Gross Profit 88000 111000 85000 Operating Expenses 70000 70000 70000 Profit/(Loss) 18000 41000 15000 e Textbook and Media - Your answer is partially correct. 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 5.98 times 4.84 times L _ 4.84 times Correct inventory turnover 4.98 times 4.67 times