Part Three-Estimating the Inventory; Calculating Inventory Turnover Ratio and Days' Sales in Inventory The following information is from the records of Marist, Inc., on December 31 of the current year: Instructions: 1. Using the form provided below, estimate the ending merchandise inventory, using the gross profit method of estimating inventory. 2. Using the form provided below, estimate the ending merchandise inventory, using the retall method of estimating inventory. Round the percentage 3. Use the information and the estimated inventory calculated in part 1. Calculate the inventory turnover ratio. Round the ratio to the nearest 0.1. 4. Use the inventory turnover rabo calculated in part 3. Calculate the days' sales in inventory. Round the amount to the nearest day