Inventory Analysis

A company reports the following:

Cost of merchandise sold	$322,660
Average merchandise inventory	49,640

Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.

a. Inventory turnover	fill in the blank 1
b. Number of days' sales in inventory	fill in the blank 2