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Problem 4-15 Inventory Turnover (L03) Assume a firm's inventory level of $18,000 represents 24 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.) Annual cost of goods sold Inventory turnover ratio times per year