Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years ending December 31 for Gillisple Company are shown below. 2016 2015 Cost of merchandise sold $1,220,560 $812,490 Inventories: Beginning of year $227,760 $159,140 End of year 327,040 227,760 a. Determine the inventory turnover for 2016 and 2015. Round to one decimal place. Inventory Turnover 2016 2015 b. Determine the number of days' sales in inventory for 2016 and 2015. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Number of Days' Sales in Inventory 2016 days 2015 days