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The following information is available for Vaughn Manufacturing for three recent fiscal years. 2022 2021 2020 Inventory $556,000 $566,000 $330,000 Net sales 1,904,000 1,792,000 1,360,000

The following information is available for Vaughn Manufacturing for three recent fiscal years.

2022

2021

2020

Inventory

$556,000 $566,000 $330,000

Net sales

1,904,000 1,792,000 1,360,000

Cost of goods sold

1,570,800 1,299,200 960,000

(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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