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. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $74,800 5,900 3,800 7,000 2,550 35,550 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,200 2,050 2,750 8,900 3,700 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio 2-b. Would you expect this ratio to be higher or lower in December 2021? Higher Lower