Using the following ,calculate inventory turnover ratio ,the average days in inventory ,and the gross profit for the Howard co. for the year ending Dec 31,2011 (round to two decimal points).
- Sales $225,000
- Cost of Goods Sold $ 175,000
- ending inv. dec 31,2011 $15,275
- ending inv. dec 31,2010 $ 18,750
- Net income $36,000