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PA16. LO 10.5 Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days' sales

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PA16. LO 10.5 Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days' sales in inventory ratio, for years 2022 and 2023. Year 2021 Year 2022 Year 2023 Sales $250,000 295,000 323,000 Cost of Goods Sold $187.500 221,250 242,250 Average Inventory $24,000 30,000 35,000

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