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The following information is available for Pronghorn Corp for three recent fiscal years. 2022 2021 2020 Inventory $560,000 $588,000 $348,000 Net sales 1,960,000 1,800,000 1,355,000
The following information is available for Pronghorn Corp for three recent fiscal years.
2022 | 2021 | 2020 | ||||
---|---|---|---|---|---|---|
Inventory | $560,000 | $588,000 | $348,000 | |||
Net sales | 1,960,000 | 1,800,000 | 1,355,000 | |||
Cost of goods sold | 1,607,200 | 1,357,200 | 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 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)
2022 | 2021 | |||||
---|---|---|---|---|---|---|
Inventory Turnover | enter an inventory turnover | times | enter an inventory turnover | times | ||
Days in Inventory | enter a number of days | days | enter a number of days | days | ||
Gross Profit Rate | enter percentages | % | enter percentages | % |
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