The following information is available for Everett Company at December 31, 2022: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $1,050,000; and sales $1,800,000.Everett's inventory turnover in 2022 is

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Quizplus · Accepted Answer

Inventory turnover is calculated as Cost of Goods Sold divided by Average Inventory. Average Inventory = ($80,000 + $120,000) / 2 = $100,000. Inventory Turnover = $1,050,000 / $100,000 = 10.5 times.

The Following Information Is Available for Everett Company at December