Saxon Corporation's beginning inventory was $15,000. The cost of goods sold was $410,000 for the year, with an ending inventory of $23,000. Inventory turnover for the year is: (Round your answer two decimal places.)

Question

Quizplus · Accepted Answer

Inventory turnover = Cost of goods sold / Average inventoryAverage inventory = (Beginning inventory + Ending inventory) / 2= ($15,000 + $23,000) / 2= $19,000Inventory turnover = $410,000 / $19,000= 21.58 times

Saxon Corporation's Beginning Inventory Was $15,000