Beginning inventory was $28,000 and ending inventory was $22,000. Cost of goods sold was $190,000 and net sales were $360,000. Inventory turnover for the year was closest to:
A)7)6.
B)8)64.
C)6)79.
D)14.4.

Question

Quizplus · Accepted Answer

Inventory turnover = Cost of goods sold / Average inventoryAverage inventory = (Beginning inventory + Ending inventory) / 2= ($28,000 + $22,000) / 2= $25,000Inventory turnover = $190,000 / $25,000= 7.6

Beginning Inventory Was $28,000 and Ending Inventory Was $22,000