Question: Problem 2 (5 points) The following data were extracted from the income statement of Sierra Instruments Inc. Sales Beginning Inventory Cost of goods sold Ending

Problem 2 (5 points) The following data were extracted from the income statement of Sierra Instruments Inc. Sales Beginning Inventory Cost of goods sold Ending Inventory Current Year 3,600,000 310,000 2,010,000 360,000 Last Year 3,900,000 290,000 2,400,000 310,000 a. Calculate for Current Year and Last Year 1) the inventory turnover ratio and 2) the number of days the inventory is held. Assume 360 days. b. What conclusion can you draw regarding the inventory management of the company

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