Selected finandcial statement data from Westem Colorado Stores is shown below. (Round your answen 2 decimal places.) Net sales Cost of goods sold Operating expenses Inventory 2016 2015 825,000 $845,000 660,000 680,000 120,000 100,000 122,000 98,000 Required: 1. Compute the gross profit ratio for 2016. 20001 2. Compute the inventory turnover ratio for 2016. Eventoryturnoverratil-600] 6.00