Brief Exercise 6-16 Calculate inventory ratios [LO8]

Using the amounts below.

Net sales $ 200,000

Cost of goods sold 140,000

Beginning inventory 45,000

Ending inventory 35,000

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

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

c. Calculate the gross profit ratio. (Omit the "%" sign in your response.) Gross profit ratio____ %