Exercise 6-12 a the following information is available for bridgeport corp. for three recent fiscal years. 2022 2021 2020 inventory $550,000 $566,000 $346,000 net sales 1,860,000 1,800,000 1,365,000 cost of goods sold 1,116,000 957,600 948,000 (a) calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (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%.)

2022

TO: 3.3333

Days Outstanding: 110

Gross profit margin: 40%

2021

TO: 3.947368

Days Outstanding: 92.47

Gross profit margin: 46.8%

Explanation:

2022

where:

Sales1860000

Average Inventory: (550,000 + 566,000)/2 = 558,000

Inventory TO3.333333333

Days outstanding:

Days on Inventory110

Gross Profit Margin:

(1,860,000 - 1,116,000)/1,860,000 = 0.40 = 40%

2021

where:

Sales1,800,000

Average Inventory: (566,000 + 346,000)/2 = 456,000

Inventory TO3.947368

Days outstanding:

Days on Inventory92.47

Gross Profit Margin:

(1,800,000 - 957,600)/1,800,000 = 0.468 = 46.8%

an online clothing brand

explanation: