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Selected financial statement data from Western Colorado Stores is shown below. Net sales Cost of goods sold Operating expenses Inventory 2021 $560,000 448,000 108,000 93,000 2020 $580,000 468,000 88,000 47,000 Required: 1. Compute the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as 12.34).) 2. Compute the inventory turnover ratio for 2021. (Round your answer to two decimal places.) 1. Gross profit ratio 2. Inventory turnover ratio 20.00% 6.40