Requirements 1. Compute New Life's inventory turnover rate for the year. (Round to two decimal places.) 2. Compute New Life's days' sales in inventory for the year. (Round to two decimal places.) Requirement 1. Compute New Life's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Inventory turnover times = New LITE $ 124,000 Income Statement Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 8,400 Net Cost of Purchases 68,000 Cost of Goods Available for Sale 76,400 Less: Ending Merchandise Inventory 12,000 Cost of Goods Sold Gross Profit 64,400 59,600 35,400 Operating Expenses Net Income $ 24,200