Pat's Place has sales of $613,700 and cost of goods sold of $338,514.At the beginning of the year,inventory was $56,509.At the end of the year,the inventory balance was $52,411.What is the inventory turnover rate?

Name: Pat's Place has sales of $613,700 and cost of goods sold of $338,514.At the beginning of the year,inventory was $56,509.At the end of the year,the inventory balance was $52,411.What is the inventory turnover rate?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Inventory turnover = $338,514 / [($56,509 + $52,411)/ 2] = 6.22 times

Pat's Place Has Sales of $613,700 and Cost of Goods