College Coasteis is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 The company buys coasters from one suppliec. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FifO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60 C. Sold 1,900 coasters on account on 12/3 at a unit price of $110. d. Collected $860 from customers on account on 12/4. e. Paid the supplier $1,500 cash on account on 12/18. f Pald employees $460 on 12/23, of which $290 related to work done in November and $170 was for wages up to December 22. 9. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawail. The sale was made FOB destination with terms of n 60 . Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded. 1. Wages for the period from December 2331 are $100 and will be paid on January 15 . k. The 5660 of Prepaid Rent relates to a six-month period ending on May 31 of next year. t. The compary incurred $700 of income tax but has made no tax payments this yeat. m. No shrinkage or damage was discovered when the inventory was counted on December 31 . n. The company did not deciare dividends and there were no transactions involving common stock. and Triat 8alance tabs. fur ao entry is required for a trinsactipniovent, select "No youmal entry recuired" in the first account: f Adjusted Answer is not complete. Calculate the inventory turnover ratio and days to sell, assuming that inventory was $500 on January 1 of this year (Use 365 days a year. Round your intermediate calculations and inal answers to 1 decimal piace