Problem 3-20 Inventory turnover [LO3-2] Perez Corporation has the following financial data for the years 20X1 and 20X2: Sales Cost of goods sold Inventory 20X1 20X2 $ 5,868,000 $ 6,708,000 4,645,500 489,000 5,869,500 559,000 a. Compute the inventory turnover for each year using the formula Sales/Inventory. (Round your answers to 2 decimal places.) 20X1 20X2 Inventory Turnover Ratio times times b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year. (Round your answers to 2 decimal places.) Inventory Turnover 20X1 20X2 Ratio times times