Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2016 $6,300 5,200 520 720 2015 $6,360 5,000 530 520 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2016 2015 times per year times per year Inventory Turnover Ratio Days to Sell days days Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units 2,000 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions during the year: Purchase, January 30 b. Sale, March 14 ($100 each) C. Purchase, May 1 d. Sale, August 31 ($100 each) a. 62 2,700 (1,490) 1,240 (2,100) 80 1. Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale. Cost of Goods Sold Ending Inventory