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The following data were taken from the income statements of Mydorf Company. 2020 2019 Sales revenue...

The following data were taken from the income statements of Mydorf Company. 2020 2019 Sales revenue $6,370,000 $6,170,000 Beginning inventory 915,000 865,000 Purchases 4,359,750 4,678,000 Ending inventory 1,050,000 915,000 Collapse question part (a1) Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Inventory turnover times times

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Answer #1

Calculation of Inventory Turnover Ratio

COGS / Average inventory = Inventory turnover ratio
2020 (915000+4359750-1050000) = 4224750 / (915000+1050000)/2 = 982500 = 4.3 Times
2109 (865000+4678000-915000) = 4628000 / (865000+915000)/2 = 890000 = 5.2 times
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