The following is information for Palmer Co. Cost of goods sold Ending inventory Year 3 $543, 825 106,400 Year 2 $326, 650 96,750 Year 1 $291,300 101,500 Use the above information to compute inventory turnover for year 3 and year 2, and its days' sales in inventory at December 31, year 3 and year 2. (a) Use the above information to compute inventory turnover for year 2, and its days' sales in inventory at December 31, year 2. Numerator 1 Denominator = Ratio Inventory turnover $ 326,650 1 $ 99,125 3.3 times Days' sales in inventory x 365 = (b) Use the above information to compute inventory turnover for year 3, and its days' sales in inventory at December 31, year 3. Numerator 1 Denominator = Ratio Inventory turnover $ 543,825 / $ 101,575 = = 5.4 times Days' sales in inventory x 365 = 0 Dakota Company had net sales (at retail) of $150,000. Beginning inventory Cost of goods purchased At Cost At Retail $33,900 $ 66,200 41,070 100,400 The above additional information is available from its records. Use the retail inventory method to estimate Dakota's year-end inventory at cost. (Round cost ratio to the nearest whole percentage.) At Cost Cost-to-Retail Ratio $ Beginning inventory Cost of goods purchased 33,900 41,070 74,970 At Retail $ 66,200 100,400 $ 166,600 Net sales at retail Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 35%. The following information for the first quarter is available from its records. Beginning inventory, January 1 Cost of goods purchased Sales Sales returns $ 460, 260 1,099, 050 1,351, 150 11,050 Required: Use the gross profit method to estimate the company's first quarter ending inventory. $ Beginning inventory Net cost of goods purchased 460,260 1,099,050 1,559,310 $ Estimated March 31 inventory