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Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost of goods sold 2024 Gross profit

Selected financial statement data for Schmitzer Incorporated is shown below: Calculate the gross profit ratio and inventory t 

Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost of goods sold 2024 Gross profit ratio Inventory turnover ratio $ 60,000 2023 $ 48,000 $ 560,000 $ 490,000 $ 320,000 $ 240,000 Calculate the gross profit ratio and inventory turnover ratio in 2024. Note: Round your final answers to 2 decimal places. %

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