Financial statement data for years ending December 31 for Tango Company follow: 2017 2016 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 2017 and 2016. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal place. 2017 2016 Number of days' sales in inventory days days C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 2097 favorable or unfavorable? On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit (Net Realizable Value) Item Inventory Quantity Cost per Unit JFW1 153 $28 $23 SAW9 323 14 19 The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $188 April 15 Purchase 1 189 April 20 Purchase 1 190 Total 3 $567 Average cost per unit $189 ($567 + 3 units) Assume that one unit is sold on April 27 for $236. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $ ou c. Weighted average cost