T0a e Cumpany Ras a July 31 hscal year end and uses a perpetual inventory system. The records of Ivanhoe Company show the following data: nces 2021 2020 2019 ations Income statement $340,000 236,000 Sales $325,000 $350,000 Cost of goods sold 229,000 265,000 Operating expenses 70,000 70,000 70,000 Balance sheet: Merchandise inventory 55,000 46,000 35,000 After its July 31, 2021, year end, Ivanhoe discovered two errors 1 At July 31, 2020, Ivanhoe had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020, Ivanhoe recorded a $15,000 inventory purchase on account that should have been recorded in August 2020. Prepare corrected income statements for Ivanhoe for the years ended July 31, 2019, 2020, and 202 IVANHOE COMPANY Income Statement Year Ended July 31 2021 2020 2019 IVANHOE COMPANY Income Statement Year Ended July 31 2021 2020 2019 eTextbook and Media Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, eg. 52.75 2020 2021 Incorrect inventory turnover times times Correct inventory turnover times times