Question 2 The following information is available for Hamm Company for 2020. Hamm uses the LIFO inventory method. Beginning inventory $600,000 Ending inventory 700,000 Beginning LIFO reserve 200,000 Ending LIFO reserve 300,000 Cost of goods sold 5,460,000 Sales 8,000,000 1. Calculate the inventory turnover ratio and days in inventory for Hamm Company based on LIFO. 2. Calculate the inventory turnover ratio and days in inventory after adjusting for the LIFO reserve