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

2017 2016 2015

Inventory $550,626 $578,424 $328,819

Net sales 1,916,043 1,705,090 1,315,259

Cost of goods sold1,566,738 1,289,775 943,548

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%.)

2017 2016

Inventory Turnover 2.8 is correct 2.2 and 2.3 are wrong

Days in Inventory 130 is correct 159 is wrong

Gross Profit Rate 5.5% is wrong 4.1% is wrong