The following information is available forPronghorn Corpfor 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

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 % %

Whispering Winds Corp.markets CDs of numerous performing artists. At the beginning of March,Whispering Windshad in beginning inventory2,800CDs with a unit cost of $8. During March,Whispering Windsmade the following purchases of CDs.

March 5 2,000 @ $9 March 21 5,200 @ $11

March 13 4,000 @ $10 March 26 2,000 @ $12

During March11,900units were sold.Whispering Windsuses a periodic inventory system.

(a) Determine the cost of goods available for sale.

The cost of goods available for sale $

Calculate Average Cost.(Round answer to 3 decimal places, e.g. 5.125.)

Average Cost $

(b)Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).(Round answers to 0 decimal places, e.g. 125.)

FIFO LIFO AVERAGE-COST

The ending inventory $ $ $

The cost of goods sold $ $ $