Homework Answers
Inventory turnover = Cost of goods sold / Average inventory
2022 = $1,421,250 / (565,000+572,000/2)
2022 = $1,421,250 / $568,500 ($1,137,000/2) = 2.5 times
2021 = $1,159,600 / (572,000+320,000/2)
2021 = $1,159,600 / $446,000 ($892,000/2) = 2.6 times
Days in inventory = 365 days / Inventory turnover
2022 = 365 / 2.5 = 146 days
2021 = 365 / 2.6 = 140 days
Gross profit rate = Net sales - Cost of goods sold / Net sales
2022 = $1,895,000-1,421,250 / $1,895,000
2022 = $473,750 / 1,895,000 = 25%
2021 = $1,784,000-1,159,600 / $1,784,000
2021 = $624,400 / 1,784,000 = 35%
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