Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory Year 3 $578,825 102,900 Year 2 $361,650 93,250 Year 1 $ 326,300 98, see Use the above Information to compute inventory turnover for Year 3 and Year 2, and its days' sales In Inventory at December 31, Year 3 and Year 2 Answer is not complete. (a) Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator 7 Denominator Ratio Inventory turnover 578,825 196,150 3.0 times Days' sales in $ 578,825 98,075 x 365 2154.2 days inventory IS (b) Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator Denominator Ratio Inventory turnover Days' sales in inventory $ 385 IS x 385 = 33308.3 days