The Following Information Is Available for the Starr Corporation Calculate the Company's Inventory Turnover and Its Days' Sales in {|

Essay

The following information is available for the Starr Corporation:
$$\begin{array} {| l | l |} \hline \text { Sales } & \$ 750,000 \\ \hline \text { Cost af goods sold } & 450,000 \\\hline \text { Gross profit } & 300,000 \\\hline \text { Operating income } & 85,000 \\\hline \text { Net income } & 42,000 \\\hline \text { Inventory, beginning-year } & 71,200 \\\hline \text { Inventory, end-of-year } & 48,800\end{array}$$ Calculate the company's inventory turnover and its days' sales in inventory.