Asked by Mohd Najyasyraf Hussin on May 26, 2024
Verified
Warm Winters Linen, Inc. had ending inventory this year of $250,000; ending inventory last year of $200,000; and cost of goods sold of $240,000. Compute the inventory turnover. (Round answer to two decimal places.)
Inventory Turnover
The number of times the average inventory is converted into sales during the year.
Cost Of Goods Sold
Expenses directly linked to manufacturing the goods a business sells, which encompass materials and labor.
- Determine the turnover ratio of inventory.
Verified Answer
RN
Learning Objectives
- Determine the turnover ratio of inventory.