The following information is available for Larkspur, Inc. for three recent fiscal years. 2022 2021 2020 Inventory $570,000 $580,000 $330,000 Net sales 1,875,000 1,750,000 1,350,000 Cost of goods sold 1,207,500 1,001,000 939,000 (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 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %

2020

Inventory TO2.2

Days on Inventory166

Gross profit margin: 42.8%

2021

Inventory TO2.1

Days on Inventory174

Gross profit margin:  35.6%

Explanation:

Inventory $570,000 $580,000 $330,000

Net sales 1,875,000 1,750,000 1,350,000

Cost of goods sold 1,207,500 1,001,000 939,000

2020:

where:

COGS 1,001,000

beginning330,000

ending580,000

Inventory455000

Inventory TO2.2

Days on Inventory166

Gross profit margin:

sales less COGS divided over sales:

(1,750,000 - 1,001,000) / 1,750,000 = 0.428 = 42.8

2021

where:

COGS 1,207,500

beginning580,000

ending570,000

Inventory575000

Inventory TO2.1

Days on Inventory174

Gross profit margin:

sales less COGS divided over sales:

(1,875,000 - 1,207,500) / 1,875,000 = 0,356‬ = 35.6%

answer; /// that is so (false);

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