4. Inventory Turnover and Days Sales in Inventory

Herberger & Company disclosed the following information in its recent annual report:

	2015	2016
Cost of goods sold	$26,000,000	$30,000,000
Beginning inventory	2,000,000	4,000,000
Ending inventory	4,000,000	5,000,000

Calculate the companys inventory turnover and days sales in inventory for both years. Round answers to two decimal places. Use rounded answers for subsequent calculations.

5.Inventory Costing Methods and the Periodic Method

Lambeth Company experienced the following events in January:

Date	Event	Units		Unit Cost	Total Cost
Jan. 10	Purchased inventory	100	@	$40	$4,000
Jan. 20	Purchased inventory	200	@	$42	$8,400
Jan. 30	Sold inventory	150

If the Lambeth Company uses the FIFO inventory costing method, calculate the companys cost of goods sold and its ending inventory as of January 31 assuming the periodic method.

6.Inventory Costing Methods and the Periodic Method

Lambeth Company experienced the following events in February:

Date	Event	Units		Unit Cost	Total Cost
Feb. 1	Purchased inventory	100	@	$74	$7,400
Feb. 4	Sold inventory	50
Feb. 9	Purchased inventory	100	@	$76	$7,600
Feb. 27	Sold inventory	100

If the Lambeth Company uses the LIFO inventory costing method, calculate the companys cost of goods sold and ending inventory as of February 28 assuming the periodic method.

Cost of goods sold	$Answer
Ending inventory	$Answer