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The following information is available for Sandhill Co. for three recent fiscal years.     2017   2016   2015 Inventory   $562,019   $571,288   $327,592 Net sales   1,955,632   1,697,750   1,304,721 Cost of goods sold   1,522,434   1,280,731   939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (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%.)     2017   2016 Inventory Turnover     times     times Days in Inventory     days     days Gross Profit Rate     %     %

The following information is available for Sandhill Co. for three recent fiscal years.     2017   2016   2015 Inventory   $562,019   $571,288   $327,592 Net sales   1,955,632   1,697,750   1,304,721 Cost of goods sold   1,522,434   1,280,731   939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (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%.)     2017   2016 Inventory Turnover     times     times Days in Inventory     days     days Gross Profit Rate     %     %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for Sandhill Co. for three recent fiscal years.

   
2017
  
2016
  
2015
Inventory   $562,019   $571,288   $327,592
Net sales   1,955,632   1,697,750   1,304,721
Cost of goods sold   1,522,434   1,280,731   939,086


Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (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%.)

    2017   2016
Inventory Turnover  
 
 times  
 
 times
Days in Inventory  
 
 days  
 
 days
Gross Profit Rate  
 
 %  
 
 %
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