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The following information is available for Marin Inc. for three recent fiscal years. 2017 2016 2015 Inventory $546,328 $571,700 $326,238 Net sales 1,934,372 1,695,980 1,327,594
The following information is available for Marin Inc. for three recent fiscal years.
2017 2016 2015
Inventory $546,328 $571,700 $326,238
Net sales 1,934,372 1,695,980 1,327,594
Cost of goods sold 1,554,675 1,312,366 964,008
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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