Question 8 (8 marks) The following select information is taken from Blueberry Pie Corp.'s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020: 2020 2019 Assets: Cash. $ 18,000 $ 22,000 Short Term investments 25,000 -0- Accounts receivable 38,000 42,000 Inventory 61,000 52,000 Prepaid insurance 6,000 9,000 Long-term investments. 49,000 20,000 Equipment (net). 130,000 130,000 Land. 33,000 33,000 Goodwill.. 55,000 55,000 Total assets $ 415,000 $363,000 Net income $ 62,250 Sales (all on credit) 305,000 Cost of goods sold 123,000. Interest expense.... 15,600 Income tax expense 17,450 Tax rate = 28% Instructions From the above information, calculate the following ratios for2020. rounding to 1 decimal place(2 marks each): Ratio Amount 1.Inventory turnover 2. Accounts receivable turnover 3. Return on assets ratio 4.Gross profit percentage ratio