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The following information is available for Novak Corp. for three recent fiscal years. 2021 Inventory Net sales Cost of goods sold 2022 $558,000 1,910,000 1,661,700

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The following information is available for Novak Corp. for three recent fiscal years. 2021 Inventory Net sales Cost of goods sold 2022 $558,000 1,910,000 1,661,700 $588,000 1,700,000 1,422,900 2020 $330,000 1,335,000 948,000 (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 O decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) 2022 2021 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %

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