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This information is available for Groneman, Inc. for 2016 and 2017. (in millions) 2016 2017 Beginning inventory $2,290 $2,522 Ending inventory 2,522 2,618 Cost of
This information is available for Groneman, Inc. for 2016 and 2017. (in millions) 2016 2017 Beginning inventory $2,290 $2,522 Ending inventory 2,522 2,618 Cost of goods sold 24,351 23,099 Sales 43,251 43,232 Calculate the inventory turnover, days in inventory, and gross profit rate for Groneman, Inc. for 2016 and 2017. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2.) 2016 2017 Inventory turnover ratio 10.1 times 9.1 times Days in inventory 36.1 days 40.1 days Gross profit rate
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