Homework: Chapter 6 Homework Problems 3 of 3 (0 complete) Score: 0 of 5 pts E6-25 (similar to) New Day reported the following income statement for the year ended December 31, 2019 (Cick the icon to view the income statement) Requirements 1. Compute New Day's inventory turnover rate for the year. (Round to two decimal places) 2. Compute Now Day's days' sales in inventory for the year (Round to two decimal places) Requirement 1. Compute New Day's inventory turnover rate for the year. (Round to two decimal places) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, XXX) Inventory turnover times Choose from any list or enter any number in theimntt - X Data Table ded Dec New Day Round to Round to Income Statement Year Ended December 31, 2019 the year Sales Revenue S 124,000 Cost of Goods Sold: y turnove Beginning Merchandise Inventory $ 11,400 58,000 Net Cost of Purchases Cost of Goods Available for Sale 69,400 16,800 Less Ending Merchandise Inventory 52,600 Cost of Goods Sold 71,400 Gross Profit 46,600 Operating Expenses and then Ac Done Print