The Following Information Is Available for Wallace Company for 2014

Essay

The following information is available for Wallace Company for 2014. Wallace uses the LIFO inventory method. $\begin{array}{lr}\text { Beginning inventory } & 600,000 \\\text { Ending inventory } & 700,000 \\\text { Beginning LIFO reserve } & 200,000 \\\text { Ending LIFO reserve } & 300,000 \\\text { Cost of goods sold } & 5,980,000 \\\text { Sales } & 8,000,000\end{array}$ Instructions
(a) Calculate the inventory turnover and days in inventory for Wallace Company based on LIFO.
(b) Calculate the inventory turnover and days in inventory after adjusting for the LIFO reserve.