please help me solve for inventory turnover
The condensed financial statements of Crane Company for the years 2021 and 2022 are presented as follows. (Amounts in thousands.) CRANE COMPANY Balance Sheets December 31 2022 2021 Current assets $330 $360 Cash and cash equivalents Accounts receivable (net) 570 500 Inventory 580 510 Prepaid expenses 120 160 1,600 1,530 Total current assets Investments 110 110 420 380 Property, plant, and equipment (net) 530 510 Intangibles and other assets $2,660 $2,530 Total assets 000 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 570 500 Inventory 580 510 Prepaid expenses 120 160 Total current assets 1,600 1,530 Investments 110 110 Property, plant, and equipment (net) 420 380 Intangibles and other assets 530 510 Total assets $2,660 $2,530 Current liabilities $1,000 $890 Long-term liabilities 530 500 Stockholders' equity-common 1,130 1,140 Total liabilities and stockholders' equity $2,660 $2,530 CRANE COMPANY Income Statements For the Year Ended December 31 2022 2021 Sales revenue $3,920 $3,580 Costs and expenses Cost of goods sold 1,055 990 Selling & administrative expenses 2,400 2,330 25 20 Interest expense Total costs and expenses 3,480 3,340 Income before income taxes 440 240 132 72 Income tax expense $ 308 $ 168 Net income Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, eg 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%) (a) Current ratio. (b) Inventory turnover. (Inventory on 12/31/20, was $450.) Profit margin (d) Return on assets. (Assets on 12/31/20, were $2,670.) Return on common stockholders' equity (Stockholders equity on 12/31/20, was $940.) (e) (0) Debt to assets ratio. (s) Times interest earned, 2022 2021 Current ratio. 1.6 -1 1.7 :1 Inventory turnover. 0.5 20 Profit margin 7.9 % 47 % Return on assets. 11.9 %6 6.5 % Return on common stockholders' equity. 27.1 % 162 % 57.5 96 55.0 Debt to assets ratio. % 18.6 times 13 times Times interest earned