Define average days in inventory.

Describe a  Comparison of the Perpetual and Periodic Inventory Systems

1. Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar.

1.  Inventory turnover is calculated as __________ divided by __________. cost of goods sold; inventory cost of goods sold; average inventory cost of goods sold; total assets average inventory; cost of goods sold     2.  The number of days’ sales in inventory is calculated as __________ divided by __________. average inventory; average daily cost of goods sold ending inventory; cost of goods sold net income; sales cost of goods sold; average inventory