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The following information is available for Blue Spruce Corp. for three recent fiscal years. 2017 2016 2015 Inventory $545,441 $570,212 $333,435 Net sales 1,953,922 1,736,880
The following information is available for Blue Spruce Corp. for three recent fiscal years.
2017 | 2016 | 2015 | ||||
Inventory | $545,441 | $570,212 | $333,435 | |||
Net sales | 1,953,922 | 1,736,880 | 1,290,976 | |||
Cost of goods sold | 1,564,507 | 1,305,533 | 944,111 |
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%.)
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