Exercise 6-13 Inventory turnover and days' sales in inventory LO A3 The following is information for Palmer Co. Cost of goods sold Ending inventory 2017 $583, 825 102,400 2016 $366,650 92,750 2015 $331,300 97,500 Use the above information to compute inventory turnover for 2017 and 2016, and its days' sales in inventory at December 31, 2017 and 2016. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory at December 31, 2016. Numerator 1 Denominator = Ratio Inventory turnover $ 366,650 1 $ 95,125 3.9 times Days' sales in inventory | $ 92,75011 x 365 = 0 (b) Use the above information to compute inventory turnover for 2017, and its days' sales in inventory at December 31, 2017. Numerator 7 Denominator = Ratio Inventory turnover $ 583,825 1 $ 97,575 = 6.0 times Days' sales in inventory | $ 102,400 x 365 =