18. A local merchant had his cost of goods sold for 2017 as $450 million. Also,...

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18. A local merchant had his cost of goods sold for 2017 as $450 million. Also, during 2017, the average inventory value of t

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Answer 1

Answer #1

Given,

Cost of Goods Sold (COGS) = $450 million

Average Inventory = ( 4500000 + 17600000 + 12700000)/3 = (34800000 / 3) = 11600000 = 11.6 million

Inventory turnover ratio = COGS / Average Inventory = 450 million / 11.6 million = 38.7931

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Answer 2

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