Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022.

(in millions)	2020		2021		2022
Beginning inventory	$1,926		$2,290		$2,522
Ending inventory	2,290		2,522		2,618
Cost of goods sold	18,038		20,351		20,099
Sales revenue	39,474		43,251		43,232

Instructions

1. Calculate the inventory turnover for 2020, 2021, and 2022. (Round to one decimal place.)
2. Calculate the days in inventory for 2020, 2021, and 2022.
3. Calculate the gross profit rate for 2020, 2021, and 2022.
4. Comment on any trends observed in your answers to parts (a), (b), and (c).

Calculate inventory turnover, days in inventory, and gross profit rate.