Exercise 6-12 The following information is available for Pharoah Company for three recent fiscal years. 2015 Inventory Net sales Cost of goods sold 20172016 $552,440 $569,374 $337,484 1,955,006 1,692,420 1,322,224 1,532,5441,277,699936,594 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, eg. 125 and gross profit rate to 1 decimal place, eg. 5.2%.) 2017 2016 Inventory Turnover Days in Inventory Gross Profit Rate times times days days