I can not seem to find the formula to figure out the gross problem rate for the problem below. Could you please tell me the formula?Exercise 6-12

The following information is available for Ivanhoe Company for three recent fiscal years.

2017

2016

2015

Inventory

$559,435

$574,458

$332,512Net sales

1,951,208

1,694,950

1,310,706Cost of goods sold

1,566,652

1,276,497

952,857

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

2016Inventory Turnover

times

timesDays in Inventory

days

daysGross Profit Rate

%

%