Question: Refer to the information in BE6-9, but now assume that Shankar uses a periodic system to record inventory transactions. Record transactions for the purchase and sale of inventory

BE6-9: Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.

Net sales                         $200,000

Cost of goods sold              140,000

Beginning inventory              45,000

Ending inventory                  35,000