value: 700 points Selected financial statement data from Western Colorado Stores is shown below. (Round your answers to 2 decimal places.) Net sales Cost of goods sold Operating expenses Inventory $688,000 $708,000 516,000 536,000 109,000 89,000 94,000 66,000 Required 1. Compute the gross profit ratio for 2016 Gross profit ratio 2. Compute the inventory turnover ratio for 2016 Inventory turnover ratio