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

(in millions)202020212022Beginning inventory$1,926$2,290$2,522Ending inventory2,2902,5222,618Cost of goods sold18,03820,35120,099Sales revenue39,47443,25143,232

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.