Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions):
- Dowling's average inventory balance for 2018 is (rounded):

Question

Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions): 
- Dowling's average inventory balance for 2018 is (rounded):

Quizplus · Accepted Answer

Inventory turnover = Cost of goods sold / (Average inventory), so Average inventory = COGS / (Inventory turnover) = 60/5.22 = 11.5.

Excerpts from Dowling Company's December 31, 2018 and 2017, Financial