Question: Brief Exercise 8-20 (Algo) Ratio analysis [LO8-7] Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost

Brief Exercise 8-20 (Algo) Ratio analysis [LO8-7] Selected financial statement data for Schmitzer Incorporated is shown below: Balance sheet: Inventories Income statement: Sales revenue Cost of goods sold 2024 2023 $ 79,000 $ 67,000 $ 579,000 $ 528,000 $ 339,000 $ 278,000. Calculate the gross profit ratio and inventory turnover ratio in 2024. Note: Round your final answers to 2 decimal places. Gross profit ratio Inventory turnover ratio % 4.64

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