. i Data TableNew HopeIncome StatementYear Ended December 31, 2019Sales RevenueCost of Goods Sold:Beginning Merchandise InventoryNet Cost of PurchasesCost of Goods Available for SaleLess: Ending Merchandise InventoryCost of Goods SoldGross ProfitOperating ExpensesNet IncomePrintDone$12,40076,00088,40018,200- X$ 162,00070,20091,80058,90032,900 New Hope reported the following income statement for the year ended December 31, 2019:(Click the icon to view the income statement.)Requirements1. Compute New Hope's inventory turnover 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.XX.)Inventory turnovertimes

Inventory turnover ratio : Inventory turnover ratio indicates the demand for the product &…

New Hope Income Statement Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income $ 12,400 76,000 88,400 18,200 $ 162,000 $ 70,200 91,800 58,900 32,900