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Calculate the inventory turnover and days in inventory

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Reference no: EM132566837

Question - The following information is available for Blossom Company for three recent fiscal years.

2022

Inventory: $546,000

Net Sales $ 1,890,000

Cost of Goods Sold $ 1,493,100

2021

Inventory: $ 560,000

Net Sales: $ 1,700,000

Cost of Goods Sold $ 1,237,600

2020

Inventory: $ 324,000

Net Sales: $1,320,000

Cost of Goods Sold: $950,000

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

Reference no: EM132566837

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