Response to the following problem:
Motorola Systems earned sales revenue of $55 million in 20X4. Cost of goods sold was $33 million, and net income reached $8 million, Motorola's highest ever. Total current assets included inventory of $6 million at December 31, 20X4. Last year's ending inventory was $4 million. The managers of Motorola need to know the company's gross profit percentage and rate of inventory turnover for 20X4. Compute these amounts.