Which of the following statements is not correct in regard to the importance of inventory turnover to a company's profitability? Most companies prefer to have a low inventory turnover than a high inventory turnover. It is sometimes more desirable to sell a large amount of merchandise with a small amount of gross margin than a small amount of merchandise with a large amount of gross margin. A company's profitability is affected by how rapidly inventory sells. A company's profitability is affected by the spread between cost and selling price