Question: Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 69,000 $ 57,000 Income statement: Sales revenue $ 569,000

Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 69,000 $ 57,000 Income statement: Sales revenue $ 569,000 $ 508,000 Cost of goods sold $ 329,000 $ 258,000 Calculate the gross profit ratio and inventory turnover ratio in 2024. Note: Round your final answers to 2 decimal places.

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