Question: Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 74,000 $ 62,000 Income statement: Sales revenue $ 574,000

Selected financial statement data for Schmitzer Incorporated is shown below:

2024 2023
Balance sheet:
Inventories $ 74,000 $ 62,000
Income statement:
Sales revenue $ 574,000 $ 518,000
Cost of goods sold $ 334,000 $ 268,000

Calculate the gross profit ratio and inventory turnover ratio in 2024.

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