In August of 2019, the City of Valley Ridge received a state awarded grant of $750,000 to update four of the city's schools. Funds are released as work is completed, as a reimbursement. During 2019, expenditures of $440,000 were made by the City and $380,000 were paid. Per GASB standards, the city recognized grant revenue when .

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)