The Following Data Were Taken from Castle, Inc Determine the Inventory Turnover Ratio and the Days' Sales in Cost

Essay

The following data were taken from Castle, Inc. $\begin{array}{lr}\text { Cost of merchandise sold } & \$ 894,000 \\\text { Inventory, end of year } & 78,000 \\\text { Inventory, beginning of the year } & 92,000\end{array}$ Determine the inventory turnover ratio and the days' sales in inventory for Castle Inc. Round to two decimal places.