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The following information is available for Splish Brothers Inc. for three recent fiscal years. 2022 2021 2020 Inventory $580,000 $590,000 $320,000 Net sales 1,950,000 1,750,000
The following information is available for Splish Brothers Inc. for three recent fiscal years.
2022 | 2021 | 2020 | ||||
---|---|---|---|---|---|---|
Inventory | $580,000 | $590,000 | $320,000 | |||
Net sales | 1,950,000 | 1,750,000 | 1,350,000 | |||
Cost of goods sold | 1,462,500 | 1,228,500 | 938,000 |
(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 | times | times | ||||
Days in Inventory | days | days | ||||
Gross Profit Rate | % | % |
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