Sage Hill Merchants reported the following on its income statement for the fiscal year ended December 31, 2024 and 2023. 2024 2023 Sales $496,060 $475.790 Cost of goods sold Beginning inventory 146,380 154,124) Net purchases 345,790 322.560 Ending inventory (139,174) (146,380) Cost of goods sold 352.996 330,304 Gross profit 143,064 145,486 Operating expenses. 87,568 89.168 Profit $55,496 $56,318 (a) Your answer is incorrect. 1 Calculate the inventory turnover ratio for Sage Hill for 2024 and 2023. (Round answers to 2 decimal places, eg. 52.75.)