The following information is available for Headlands Industries for three recent fiscal years.
Inventory
Net sales
2017
2016
2015
$554,865 $564,150 $333,634
1,946,450 1,702,530 1,328,093
Cost of goods sold 1,525,587 1,286,441 928,762
Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to
gross profit rate to 1 decimal place, e.g. 5.2%).
Inventory Turnover
Days in Inventory
Gross Profit Rate
2017
2016
times
times
days
days
%