Goods available for sale are $28,000;beginning inventory is $13,000;ending inventory is $15,000;and cost of goods sold is $39,000.The inventory turnover is:

Question

Quizplus · Accepted Answer

Inventory turnover = Cost of Goods Sold / Average Inventory

Average Inventory = (Beginning Inventory + Ending Inventory) / 2 
= ($13,000 + $15,000) / 2 
= $14,000

Inventory turnover = $39,000 / $14,000 
= 2.79

Therefore, the answer is C) 2.79.

Goods Available for Sale Are $28,000;beginning Inventory Is $13,000;ending Inventory