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New Hope reported the following income statement for the year ended December 31, 2019: (Click...

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New Hope reported the following income statement for the year ended December 31, 2019: (Click the icon to view the income statement.) Requirements 1. Compute New Hope's inventory tumover rate for the year. (Round to two decimal places.) 2. Compute New Hope's days' sales in inventory for the year. (Round to two decimal places.) Requirement 1. Compute New Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X = Inventory tumover e times i Data Table $ 162,000 New Hope Income Statement Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 12,400 Net Cost of Purchases 76,000 Cost of Goods Available for Sale 88,400 Less: Ending Merchandise Inventory 18,200 Cost of Goods Sold Gross Profit Operating Expenses 70,200 91,800 58,900 Net Income 32,900 S Print Done

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