Brief Exercise 6-16 Calculate inventory ratios (LO6-7)

Use the following information:

Net sales	$	175,000
Cost of goods sold		120,000
Beginning inventory		40,000
Ending inventory		30,000

a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.)

b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)

c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)