Question 11 Smithson Electrical Fixtures reported the following income statement for the year ended December 31, 2019 SHOW WORK FOR PARTIAL CREDIT $250,000 Smithson Electrical Fixtures Income Statement Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory $ 43,500 Net Cost of Purchases 145.000 Cost of Goods Available for Sale 188.500 Less Ending Merchandise Inventory 38.000 Cost of Goods Sold: Gross Profit Operating Expenses Net Income 150,500 107,500 87.200 5.20,300 a Compute inventory tumover rate for the year Round to two decimal places.) (15 Points) b. Compute days' sales in inventory for the year. (Round to two decimal places) (10 Points) A2