Using the Danier Leather financial statements in Appendix III, calculate the following ratios for the year ended

Question:

Using the Danier Leather financial statements in Appendix III, calculate the following ratios for the year ended June 28, 2014, and June 29, 2013. At June 30, 2012, Danier had an ending inventories balance of $24,891,000 and Cost of sales of $71,513,000. Comment on the change.
a. Inventory turnover ratio (Round to two decimal places)

b. Days sales in inventory (Round to the nearest day).

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...