French Co. has a beginning inventory of $77,000 and an ending inventory of $80,000. Sales were $280,000. Assume French's markup rate on selling price is 40%. Based on the selling price, what is the inventory turnover at cost? Round to the nearest hundredth.

Question

Quizplus · Accepted Answer

($77,000 + $80,000)/ 2 = $78,500; $280,000 × .6 = $168,000; $168,000 / $78,500 = 2.14.

French Co Has a Beginning Inventory of $77,000 and an Ending