Selected financial information for Walton Company for 2019 follows: $1,750,000 1.225,000 Sales Cost of goods sold...

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Selected financial information for Walton Company for 2019 follows: $1,750,000 1.225,000 Sales Cost of goods sold Merchandise

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Answer 1

Answer #1

Merchandise inventory turnover = 6.88 times

Working

Inventory turnover
	Numerator	/	Denominator	=	Inventory turnover
	Cost of goods sold	/	Average Inventory	=	Inventory turnover
	$ 1,225,000.00	/	$ 178,000.00	=	6.88

.

Beginning value		$ 157,000.00
Add: Ending value		$ 199,000.00
Total		$ 356,000.00
Divided by		2
Average inventory		$ 178,000.00

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Answer 2

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