Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days

Belt Company had net sales of $2,448,050,000 and cost of goods sold of $1,869,420,000. Belt had the following balances:

	January 1	December 31
Inventories	$284,750,000	$315,000,000

Required:

Assume 365 days per year.

1. Calculate the average inventory. $fill in the blank 1

2. Calculate the inventory turnover ratio. Round to two decimal places. fill in the blank 2 times

3. Calculate the inventory turnover in days. Round to two decimal places. fill in the blank 3 days