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The following information is available for Larkspur, Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2022 $570,000 1.875,000 1,207,500 2021

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The following information is available for Larkspur, Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2022 $570,000 1.875,000 1,207,500 2021 $580,000 1,750,000 1,001,000 2020 $330,000 1,350,000 939,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.3.5.2 days in inventory to decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g.5.2%) 2022 2021 Inventory Turnover k times times Days in Inventory days days Gross Profit Rate %

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