This information is available for Quick's Photo Corporation for 2017, 2018, and 2019.

Instructions
Calculate inventory turnover (round to two decimal places), days in inventory (round to one decimal place), and gross profit rate (round to nearest percentage) (from Chapter 5) for Quick's Photo Corporation for 2017, 2018, and 2019. Comment on any trends.

Transcribed Image Text:

2017 2018 2019 Beginning inventory Ending inventory Cost of goods sold Sales revenue $100,000 300,000 400,000 400,000 480,000 1,120,000 ,300,000 1,900,000 300,000 900,000 1,200,000 1,600,000