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Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is information for Palmer Co 2012 2016 Cost of goods sold 3623,025 $406,650 Inding inventory 98,400 88,750 2015 $371,300 93,500 Use the above information to compute inventory turnover for 2017 and 2016, and its days sales in inventory at December 31, 2017 and 2016. 1 nces (a) Use the above information to compute inventory turnover for 2016, and its days' sales in Inventory at December 31, 2016. Numerator 7 Denominator Ratio Inventory turnover 406.650/ $ 91,125 4,5 times Days' sales in inventory * 365 (b) Use the above information to compute Inventory turnover for 2017, and its days' sales in Inventory at December 31, 2017 Numerator 1 Denominator Ratio Inventory turnover 623,8267 $ 93.575 6.7 times Dayw sales in inventory X 365 0