A national firm has sales of $575,000 and cost of goods sold of $368,000. At the beginning of the year, the inventory was $42,000. At the end of the year, the inventory balance was $45,000. What is the inventory turnover rate?

A) 8.46 times
B) 12.78 times
C) 13.22 times
D) 28.56 times
E) 43.14 times

Inventory Turnover Rate

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency of inventory management.

Cost of Goods Sold

The direct expenses related to the creation of products sold by a business, including costs for materials and labor.

Sales

Revenue generated from the selling of goods or services within a specific period.