Question: Refer to the data in PE 7-20. Compute number of days' sales in inventory. PE 7-20 Using the following data, compute inventory turnover. Inventory, December

Refer to the data in PE 7-20. Compute number of days' sales in inventory.
PE 7-20
Using the following data, compute inventory turnover.
Inventory, December 31, year 1 ..................................................... $ 82,000
Cost of goods sold .................................................................... 342,000
Sales .................................................................................... 694,000
Inventory, January 1, year 1 ......................................................... 74,000

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