A company reports the following:

Cost of goods sold	$819,060
Average inventory	96,360

Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.

a. Inventory turnover
b. Number of days' sales in inventory	days

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a. Divide cost of goods sold by average inventory.

b. Divide average inventory by average daily cost of goods sold. Average daily cost of goods sold are cost of goods sold divided by 365 days.