Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years...

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Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years ending December 31 for Gillispie Company are shown below. 2014 2013 Cost of merchandise sold Inventories: Beginning of year $287,620 End of year 413,180 a. Determine the inventory turnover for 2014 and 2013. Round to one decimal place. Inventory Turnover 2014 $1,541,760 2014 2013 2013 $1,124,930 b. Determine the number of days' sales in inventory for 2014 and 2013. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Number of Days' Sales in Inventory days days $201,480 287,620 Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years ending December 31 for Gillispie Company are shown below. 2014 2013 Cost of merchandise sold Inventories: Beginning of year $287,620 End of year 413,180 a. Determine the inventory turnover for 2014 and 2013. Round to one decimal place. Inventory Turnover 2014 $1,541,760 2014 2013 2013 $1,124,930 b. Determine the number of days' sales in inventory for 2014 and 2013. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Number of Days' Sales in Inventory days days $201,480 287,620