Homework Answers
Average inventory turnover = Cost of goods sold / Average inventory
Average invenory = (Opening balance + Ending balance) /2
= (200000 + 230000) /2
= 215000
Average inventory turnover = 1600000 / 215000
= 7.44 Times
The company's current inventory turnover is higher than the industry average which means that the inventory is efficiently managed by the Livingston Lumber co. when compared with the industry
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