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Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days

Delater Company had sales of $3,750,923 and a gross margin of $2,438,100. Delater had beginning inventory of $48,078 and ending inventory of $62,640.

Required:

Assume 365 days per year.

1. Calculate the average inventory. If required, round your answer to nearest whole dollar. $fill in the blank 1

2. Calculate the inventory turnover ratio. Round to one decimal place. fill in the blank 2 times

3. Calculate the inventory turnover in days. Round to one decimal place. fill in the blank 3 days