Required information The following information applies to the questions displayed below.] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Inventory (Mar. 31, 2021) Insurance expensee Sales discounts $1,100 2,250 2,950 9,300 4,100 Sales revenue $76,800 Advertising expense 6,300 4,200 Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold 7,400 2,750 35,750 Salaries expense Income tax expense 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turmover Ratio 2-b. Would you expect this ratio to be higher or lower in December 2021? Higher OLower Prev 13 14 of 14