Homework Answers
Correct answer----------(b) 6.66
Working
| Inventory turnover | |||||
| Numerator | / | Denominator | = | Inventory turnover | |
| Cost of goods sold | / | Average Inventory | = | Inventory turnover | |
| 20x5 | $ 9,50,101.00 | / | $ 1,42,718.00 | = | 6.66 |
.
| Cost of goods sold | $ 950,101.00 |
| Add: Ending Inventory | $ 152,587.00 |
| Inventory available for sale | $ 1,102,688.00 |
| Less: Inventory purchased | $ 969,839.00 |
| Beginning inventory | $ 132,849.00 |
.
| Beginning value | $ 132,849.00 | |
| Ending value | $ 152,587.00 | |
| Total | $ 285,436.00 | |
| Divided by | 2 | |
| Average inventory | $ 142,718.00 | |
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