Sandhill Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Sandhill Company show the following data: 2021 2020 2019 Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $350,000 246,000 73.000 $335.000 242,000 73.000 $350,000 266,000 73.000 56,000 43.000 35,000 After its July 31, 2021 year end, Sandhill discovered two errors 1. At July 31, 2020, Sandhill had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020. Sandhill recorded a $15,000 inventory purchase on account that should have been recorded in August 2020 Prepare corrected income statements for Sandhill for the years ended July 31, 2019, 2020, and 2021. SANDHILL COMPANY Income Statement Year Ended July 31 2021 2020 2019 e Textbook and Media $2.75 Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places 2020 2021 times times Incorrect inventory turnover times times Correct inventory turnover