Knowledge Check 04 Micro Manufacturing Company's sales revenue amounted to $1,880,000 during the year. Cost of goods sold as a percentage of sales was 30%. Beginning inventory balance was $125,000 and ending inventory balance was $165,000. What was the company's inventory turnover ratio for the year? 3.8912.9713.934.18 Knowledge Check 05 Micro Manufacturing Company's sales revenue amounted to $4,400,000 during the year. Cost of goods sold as a percentage of sales was 35%. Beginning inventory balance was $360,000 and ending inventory balance was $345,000. The company's inventory turnover was 4.37 for the year. Assuming 365 days a year, what was the company's average sale period for the year? 29.4days83.52days81.77days127.75days