Problem 4-15 Inventory Turnover (LO3) Assume a firm's inventory level of $20,000 represents 20 days' sales. Required: a. What is the annual cost of goods sold? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to whole number.) b. What is the inventory turnover ratio? (Round your answer to 2 decimal places.) sok -ences Annual cost of goods sold Inventory turnover ratio times per year