Example $20.$ Inventory Turnover Ratio and Days Sales of Inventory $($DSI$)$

Question: Praveen Company reported the following data for the year $2004$: Cost of goods sold $($COGS$)$ of $$600,000,$ beginning inventory of $$100,000,$ and ending inventory of $$150,000.$ Calculate the inventory turnover ratio and the Days Sales of Inventory $($DSI$).$ Provide detailed calculations and explain the significance of these ratios in assessing the company$$s inventory management efficiency.