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The following information is available for Crane's Activewear Inc. for three recent fiscal years. 2022 2021 2020 Inventory (12/31) $575,120 $590,720 $345,280 Net sales 2,025,920
The following information is available for Crane's Activewear Inc. for three recent fiscal years. 2022 2021 2020 Inventory (12/31) $575,120 $590,720 $345,280 Net sales 2,025,920 1,794,000 1,363,440 Cost of goods sold 1,614,080 1,339,520 984,880 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover and gross profit rate answers to 1 decimal place, e.g. 52.7 and other answers to decimal places, eg. 125.) 2022 2021 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %
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