The accountant for Polo's Pet Gadgets Shop prepared the following list of account balances from the entity's records for the year ended June 30, 2017: Sales Revenue $168,000 Cash $30,000 Accounts Receivable 14,500 Cost of Goods Sold 45,000 Equipment 48,000 Polo, Capital 27,000 Accounts Payable 17,000 Notes Payable 15,000 General 8 Admin 50,000 Inventory 1,500 Expense Selling Expense 6,000 Accumulated Depreciation 12,000 Income Taxes Payable 5,000 Income Taxes Expense 18,000 Interest Expense 3,000 Land 28,000 Current Year Previous Year Industry Average Gross profit margin ratio 76% Profit margin ratio 27% Inventory turnover 15 20 times Days of accounts receivable 106 90 Ratio ' Method of calculation - 5mm x 100 = x96 Gross Prot Margin Sales revenue . Net Income am}; it 100 = x% Prot Margin Sales revenue W = Inventory Turnover x times Average Inventory