This information is available for Lawrence Corporation for 1997, 1998, and 1999:

\section*{Instructions}
Calculate the inventory turnover ratio, days in inventory, and gross profit rate (from Chapter 5) for Lawrence Corporation for 1997, 1998, and 1999. Comment on any trends.

Transcribed Image Text:

Beginning inventory Ending inventory Cost of goods sold Sales 1997 $ 200,000 300,000 900,000 1,200,000 1998 $ 300,000 1999 400,000 400,000 500,000 1,120,000 1,250,000 1,600,000 1,900,000