Grey Corporation had sales of $3,000,000, cost of sales of $2,200,000, and average inventory of $500,000. What was Grey's inventory turnover ratio for the period?
A)1.6 times
B)4.4 times
C)6 times
D).23times

Name: Grey Corporation had sales of $3,000,000, cost of sales of $2,200,000, and average inventory of $500,000. What was Grey's inventory turnover ratio for the period? A)1.6 times B)4.4 times C)6 times D).23times
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Question

Quizplus · Accepted Answer

Inventory turnover is: COGS/Average inventory. $2,200,000/$500,000= 4.4 times

Grey Corporation Had Sales of $3,000,000, Cost of Sales of $2,200,000