Kringle Company, a retailer, had cost of goods sold of $1,400,000 last year.The beginning inventory balance was $125,000 and the ending inventory balance was $142,000.The company's inventory turnover ratio was closest to

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The inventory turnover ratio is calculated as Cost of Goods Sold divided by Average Inventory. Average Inventory is calculated as (Beginning Inventory + Ending Inventory) / 2. So, for Kringle Company, Average Inventory = ($125,000 + $142,000) / 2 = $133,500. Inventory Turnover Ratio = $1,400,000 / $133,500 ≈ 10.49.

Kringle Company, a Retailer, Had Cost of Goods Sold of $1,400,000