Question: Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 72,000 $ 60,000 Income statement: Sales revenue $ 572,000

Selected financial statement data for Schmitzer Incorporated is shown below:

2024 2023
Balance sheet:
Inventories $ 72,000 $ 60,000
Income statement:
Sales revenue $ 572,000 $ 514,000
Cost of goods sold $ 332,000 $ 264,000

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

Note: Round your final answers to 2 decimal places.

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