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The following information is available for Headlands Industries for three recent fiscal years. 2022 2021 2020 Inventory $568,000 $578,000 $345,000 Net sales 1,910,000 1,775,000 1,355,000

The following information is available for Headlands Industries for three recent fiscal years.

2022

2021

2020

Inventory

$568,000$578,000$345,000

Net sales

1,910,0001,775,0001,355,000

Cost of goods sold

1,375,2001,153,750934,000


(a)

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%.)

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