Harris Company,a retailer,had cost of goods sold of $290,000 last year.The beginning inventory balance was $26,000,and the ending inventory balance was $24,000.The company's inventory turnover was closest to which of the following?

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Inventory turnover is calculated as Cost of Goods Sold divided by Average Inventory. Average Inventory = (Beginning Inventory + Ending Inventory) / 2 = ($26,000 + $24,000) / 2 = $25,000. Inventory Turnover = $290,000 / $25,000 = 11.60 times.

Harris Company,a Retailer,had Cost of Goods Sold of $290,000 Last