Question: Using the following information, calculate inventory turnover ratio , the average days in inventory, and the gross profit ratio for Barkley Company for the year

Using the following information, calculate inventory turnover ratio, the average days in inventory, and the gross profit ratio for Barkley Company for the year ended December 31, 2012. (Round to two decimal places.)

Sales ..................... $125,000

Cost of goods sold ..............75,000

Ending inventory, December 31, 2011 .......15,275

Ending inventory, December 31, 2012 .......18,750

Net income .................26,500

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