Question
The following information is available for Blossom Company for three recent fiscal years. 2022 Inventory: $546,000 Net Sales $ 1,890,000 Cost of Goods Sold $
The following information is available for Blossom Company for three recent fiscal years.
2022
Inventory: $546,000
Net Sales $ 1,890,000
Cost of Goods Sold $ 1,493,100
2021
Inventory: $ 560,000
Net Sales: $ 1,700,000
Cost of Goods Sold $ 1,237,600
2020
Inventory: $ 324,000
Net Sales: $1,320,000
Cost of Goods Sold: $950,000
Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (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%.)
2022 2021
Inventory Turnover ? Times ? Times
Days in Inventory ? Days ? Days
Gross Profit Rate ? % ? %
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