Score: 0 of 6 pts 5 of 15 (9 complete) E6-25 (similar to) New Life reported the following income statement for the year ended December 31, 2019: (Click the icon to view the income statement.) 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 i Data Table New Life Income Statement Year Ended December 31, 2019 Sales Revenue $ 162,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 8,000 64,000 Net Cost of Purchases Cost of Goods Available for Sale 72,000 13,800 Less: Ending Merchandise Inventory 58,200 Cost of Goods Sold Gross Profit 103,800 71,000 Operating Expenses 32,800 Net Income Print Done Check