The following information is available for Headlands Industries for three recent fiscal years.

		2022		2021		2020
Inventory		$568,000		$578,000		$345,000
Net sales		1,910,000		1,775,000		1,355,000
Cost of goods sold		1,375,200		1,153,750		934,000

(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%.)

Answer rating: 100% (QA)

Answer Explanation i Inventory turnover Cost of goods sold Average inventory 2... View the full answer