Pat's Place has sales of $498,000 and cost of goods sold of $221,000.At the beginning of the year,inventory was $36,400.At the end of the year,the inventory balance was $31,800.What is the inventory turnover rate?

Name: Pat's Place has sales of $498,000 and cost of goods sold of $221,000.At the beginning of the year,inventory was $36,400.At the end of the year,the inventory balance was $31,800.What is the inventory turnover rate?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Inventory turnover = $221,000/[($36,400 + 31,800)/2] = 6.48 times

Pat's Place Has Sales of $498,000 and Cost of Goods