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Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost of goods sold 2024 Gross profit

Selected financial statement data for Schmitzer Incorporated is shown below: Calculate the gross profit ratio and inventory t

Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost of goods sold 2024 Gross profit ratio Inventory turnover ratio $ 76,000 $ 576,000 $ 336,000 2023 $ 64,000 $ 522,000 $ 272,000 Calculate the gross profit ratio and inventory turnover ratio in 2024. Note: Round your final answers to 2 decimal places.

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