Calculate the inventory turnover

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Question - The following information is available for Larkspur, Inc. for three recent fiscal years.

Inventory

2022: $570,000

2021: $580,000

2020: $330,000

Net sales

2022: 1,875,000

2021: 1,750,000

2020: 1,350,000

Cost of goods sold

2022: 1,207,500

2021: 1,001,000

2020: 939,000

Required - Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021.

Reference no: EM132988885

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