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P301 - Problem 1 - Inventory Turns A company's Cost of Goods Sold (COGS) for the 1* quarter of 2020 was $7,500,000. On January 1,2020 the company held $1,000,000 in inventory and on March 31 2020 it held $950,000. 1. What is the companies Average Inventory Investment for the 1* quarter of 2020? 2. How many times did the company turn its inventory in the 1* quarter of 2020? (carry 2 decimal places) Assume that quarterly COGS decreased by $500,000 every quarter of 2020 (For example 2nd QTR COGS were 7,000,000; Qre 3 COGS - 6,500,000, etc) the company decreased inventory holdings by S50,000 every quarter (Qtr 1 Ending Inventory - $950,000; Qtr 2 Ending Inventory = $900,000 etc.) 3.What were the company's inventory turns in quarters 2, 3, & 4? (carry 2 decimal places) 4. What was the companies annual inventory turns for 2020? (carry 2 decimal places)