Denver's Designs had sales for the year of $687,800 and cost of goods sold equal to...
Denver's Designs had sales for the year of $687,800 and cost of goods sold equal to 61.00 percent of sales. The inventory at the beginning of the year was $124,000 and the end-of-year inventory was $140,300. What was the inventory turnover?
Homework Answers
Ans 3.17
| INVENTORY TURNOVER RATIO = | COST OF GOODS SOLD / AVERAGE INVENTORY | |||||
| (61% OF SALES) / ( (124000 + 140300)/ 2) | ||||||
| (61%*687800) / ( (124000 + 140300)/ 2) | ||||||
| 3.17 | ||||||
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