Pharoah Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Pharoah Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $325,000 $340,000 Cost of goods sold 248,000 232,000 253,000 Operating expenses 70,000 70,000 70,000 Balance sheet: Merchandise inventory 53,000 47,000 35,000 After its July 31, 2021, year end, Pharoah discovered two errors: 1. At July 31, 2020, Pharoah had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020, Pharoah recorded a $15,000 inventory purchase on account that should have been recorded in August 2020. Prepare corrected income statements for Pharoah for the years ended July 31, 2019, 2020, and 2021. eTextbook and Media 2021 PHAROAH COMPANY Income Statement Year Ended July 31 $ 2020 2019 $ $ $ Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.) Incorrect inventory turnover Correct inventory turnover 2020 times times 2021 times times