Homework answers / question archive / Use the following information:  Net sales $220,000  Cost of goods sold 156,000  Beginning inventory 49,000  Ending inventory 39,000  a

Use the following information:  Net sales $220,000  Cost of goods sold 156,000  Beginning inventory 49,000  Ending inventory 39,000  a

Accounting

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Use the following information: 

Net sales $220,000 
Cost of goods sold 156,000 
Beginning inventory 49,000 
Ending inventory 39,000 
a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) 

b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and decimal place.) 
Average days in inventory 
days 
c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)