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Part 3: Inventory Ratios Ricky's Cupcake Bakery had revenue of $110,500 and cost of goods sold of $28,150 during 2020. Ricky's Cupcake Bakery had an inventory balance of $910 on December 31, 2019 and $860 on December 31, 2020. Use this information to answer the following three questions. 1. What the inventory turnover ratio for Ricky's Cupcake Bakery in 2020 and what does this number mean? 2. Calculate the average days to sell inventory for Ricky's Cupcake Bakery during 2020. Is this an appropriate ratio for a bakery? If not, how can they improve it? 3. A bakery down the street from Ricky's has an inventory turnover ratio of 130. Is the competitor managing their inventory better or worse than Ricky's Cupcake Bakery