Harrison Company, a retailer, had cost of goods sold of $180,000 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:

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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 = $180,000 / $25,000 = 7.20.

Harrison Company, a Retailer, Had Cost of Goods Sold of $180,000