Cost Management: A Strategic Emphasis 7th Edition by Edward Blocher,David Stout ,Paul Juras,Gary Cokins

Exercise 37

Sticky Fingers Inc. produces scotch tape and masking tape. Last year's annual report has been compiled, and you are in charge of business analysis for the year. The company had a goal for inventory turnover of 6 for last year. The actual results were: cost of goods sold of $400,000, beginning inventory of $50,000, and ending inventory of $70,000. What was the actual inventory turnover, and at what percent did the firm achieve its goal