Wilson Steel Company had ending inventory of $254,300 this year, ending inventory of $156,000 last year, and $186,000 as cost of goods sold. Compute the inventory turnover rate.

Ending Inventory

The sum of the value of products ready to be sold at the conclusion of a financial period.

Inventory Turnover Rate

A measure of how often a company sells and replaces its stock of goods within a period, indicating the efficiency of sales and inventory management.