The cost of goods sold computations for Silver Company and Gold Company are shown below.
| Silver Company | Gold Company | |
| Beginning inventory | 47,000 | 71,000 |
| Cost of goods purchased | 200,000 | 290,000 |
| Cost of goods available for sale | 247,000 | 361,000 |
| Ending inventory | 55,000 | 69,000 |
| Cost of goods sold | 192,000 | 292,000 |
Instructions:
(a) Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 1.25.)
(b) Compute days in inventory for each company. (Round inventory turnover values to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.)
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