Pat's Place has sales of $613,700 and cost of goods sold of $338,514. At the beginning...
Pat's Place has sales of $613,700 and cost of goods sold of $338,514. At the beginning of the year, inventory was $56,509. At the end of the year, the inventory balance was $52,411. What is the inventory turnover rate?
Multiple Choice
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5.23 times
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7.56 times
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6.22 times
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5.60 times
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6.87 times
Homework Answers
Ans : 6.22 times
Inventory turnover ratio = Cost of goods sold / Average Inventory
Average Inventory = Opening Inventory + Closing Inventory / 2
=(56509 + 52441)/2
=54460$
Inventory turnover ratio = 338514 / 54460
=6.22 times
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