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12 October, 08:32

The cost of goods sold for mcpherson fashions is $360,000. the beginning inventory for the firm was $20,000. twelve months later the ending inventory was $40,000. what is the firm's inventory turnover?

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  1. 12 October, 11:25
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    Inventory turnover = Cost of goods sold / Average Inventory

    Average Inventory = (Beginning Inventory + Ending Inventory) / 2

    = ($20,000 + $40,000) / 2

    = $30,000

    Inventory turnover = $360,000 / $30,000

    = 12 times.
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