1. Question Content Area

   The following data are taken from the financial statements:

   	Current		Preceding
   	Year		Year
   Net sales	$3,592,000		$4,056,000
   Cost of goods sold	2,092,000		2,656,000
   Average monthly inventory	332,000		328,000
   Inventory, end of year	372,000		347,000

   a. Determine for each year (1) the inventory turnover and (2) the days' sales in inventory. Round inventory turnover answers to one decimal place and number of days' sales in inventory, (including intermediate calculations) to two decimal places.

   	Current Year	Preceding Year
   1. Inventory turnover	fill in the blank 1	fill in the blank 2
   2. Number of days' sales in inventory	fill in the blank 3	fill in the blank 4