The following is excerpted from the financial statements of Baldwin Piano and Organ Company:

At December 31, Year 3, approximately 77% of the company’s inventories were valued on the LIFO method.
During the past three years, certain inventories were reduced. This reduction resulted in the liquidation of LIFO inventory layers carried at the lower costs prevailing in prior years as compared with the current cost of inventories. The effect of these inventory liquidations was to increase net earnings for Year 3, Year 2, and Year 1 by approximately \($694,000\) \($.20\) per share), \($519,000\) \($.15\) per share, and \($265,000\) (\($.08\) per share, respectively.
Required:
1. Estimate Baldwin's cost of goods sold and the cost of goods manufactured for Year 3; assume that the company had used FIFO instead of LIFO.
2. On the basis of these FIFO numbers, compute Baldwin's finished goods and work-in-process inventory turnovers (expressed in days) for Year 3. What do these turnovers tell you about Baldwin's operating cycle?

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Consolidated Statements of Earnings Net sales Cost of goods sold Gross profit Inventories Consist of FIFO cost Raw materials Work in process Finished goods Excess of FIFO cost over LIFO inventory value Year 3 $120,657,455 89,970,702 $ 30,686,753 Years Ended December 31 Year 3 $ 9,930,923 7,081,883 36,149,809 53,162,615 (8,085,250) $45,077,365 Year 2 $110,076,904 79,637,060 $ 30,439,844 Year 2 $ 9,500,765 5,943,672 39,328,177 54,772,614 (6,828,615) $47,943,999 Year I $103,230,431 74,038,724 $ 29,191,707