Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days

Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,713,635,000. Belt had the following balances:

	January 1	December 31
Inventories	$301,500,000	$385,000,000

Required:

Assume 365 days per year.

1. Calculate the average inventory. $

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

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