Forman and Brasso Furniture Company had ending inventory of $146,400 this year, ending inventory of $152,200 last year, and $194,400 as cost of goods sold. Compute the inventory turnover rate.

Ending Inventory

The total value of all unsold goods remaining at the end of an accounting period.

Inventory Turnover Rate

A measure of how often inventory is sold and replaced over a period, indicating the efficiency of inventory management.

Cost Of Goods Sold

The immediate expenses related to the manufacturing of products a company sells.