The following information is available for Wallace Company for 2017. Wallace 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 5,980,000 Sales 8,000,000

Calculate the inventory turnover and days in inventory for Wallace Company based on LIFO. (Round answers to 1 decimal places, e.g. 15.2.) Inventory turnover ____ times Days in inventory ____ days.

Calculate the inventory turnover and days in inventory after adjusting for the LIFO reserve. (Round answers to 1 decimal places, e.g. 15.2.) inventory turnover___ times Days in inventory ____ days