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Using the amounts below.
Net sales $ 185,000
Cost of goods sold 128,000
Beginning inventory 42,000
Ending inventory 32,000
Question a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio _____times
Question b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory _____days
Question c. Calculate the gross profit ratio. (Omit the "%" sign in your response.)
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