Exercise 6-12

The following information is available for Vaughn Manufacturing for three recent fiscal years.

2017 2016 2015 .

Inventory . $550,626 . $578,424 . $328,819

Net sales . 1,916,043 . 1,705,090 . 1,315,259

Cost of goods sold 1,566,738 . 1,289,775 . 943,548

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, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)

2017 2016

Inventory Turnover xx times xx times

Days in Inventory xx days xx days

Gross Profit Rate xx % xx %