Endor Company begins the year with $160,000 of goods in inventory. At year-end, the amount in inventory has increased to $168,000. Cost of goods sold for the year is $700,000. Compute Endor's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year. Inventory Turnover Choose Denominator: Choose Numerator: 1 Inventory Turnover Inventory Turnover 1 = / times Days' Sales in Inventory Choose Denominator: Days Choose Numerator: 1 / X 365 = Days' Sales in Inventory Days' sales in inventory days 1 365 In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventory by $11,500. Determine how this error effects each of the following. (a) Year 1 cost of goods sold. O Overstates Year 1 cost of goods sold. O Understates Year 1 cost of goods sold. O None of the above. (b) Year 1 net income. O Understates Year 1 net income O Overstates Year 1 net income O None of the above. (c) Year 2 cost of goods sold. O Understates Year 2 cost of goods sold. O Overstates Year 2 cost of goods sold. O None of the above. (d) Year 2 net income. O Understates Year 2 net income O Overstates Year 2 net income O None of the above