Requirements 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) Requirement 1. Compute Next Hope'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, XXX) Inventory turnover times lomework CH 6 10 of 10 (5 complete) ing income st income state Data Table -X ventory turno ays' sales in in Next Hope Income Statement ext Hope's inve he amounts to $ 154,000 XX.) 1 Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory $ 9,600 Net Cost of Purchases 78,000 Cost of Goods Available for Sale 87,600 Less: Ending Merchandise Inventory 12,800 Cost of Goods Sold 74,800 Gross Profit 79,200 49, 100 Operating Expenses Net Income $ 30,100 nter any number Print Done Clear All CH 30