Question: Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 62,000 $ 50,000 Income statement: Sales revenue $ 562,000

Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 62,000 $ 50,000 Income statement: Sales revenue $ 562,000 $ 494,000 Cost of goods sold $ 322,000 $ 244,000 Calculate the gross profit ratio and inventory turnover ratio in 2024. Note: Round your final answers to 2 decimal places

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