Tater and Pepper Corporation reported sales of $40 million. Tater and Pepper listed $7.3 million of inventory on its balance sheet. Using a 365-day year, how many days did ater and Pepper's inventory stay on the premises? How many times per year did Tater and Pepper's inventory turn over? Note: Round your answers to 2 decimal places. Days' sales in inventory Inventory turnover days times

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.