College Coasters 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. Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses $ 9,400 1,820 360 540 820 100 1,340 300 0 6,300 2,700 14,430 7,740 990 2,000 100 0 1,400 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. 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 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. b. Purchased 800 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 1,600 coasters on account on 12/3 at a unit price of $1.00. d. Collected $910 from customers on account on 12/4. e. Paid the supplier $1,280 cash on account on 12/18. f. Paid employees $400 on 12/23, of which $290 related to work done in November and $110 was for wages up to December 22. g. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. 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. i. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded. j. Wages for the period from December 2331 are $100 and will be paid on January 15. k. The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $800 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31. n. The company did not declare dividends and there were no transactions involving common stock. Journal entry worksheet Paid employees $400 on 12/23, of which $290 related to work done in November and $110 was for wages up to December 22. Record the transaction. Note: Enter debits before credits. Debit Credit Date Dec 23 General Journal Salaries and Wages Expense Record entry Clear entry View general journal Calculate the inventory turnover ratio and days to sell, assuming that inventory was $360 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell times per year days