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A Company has cost of goods sold $267,000. The inventory account was $343,000 at the beginning of the year and $331,000 at the end of the year. Calculate the inventory turnover.

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jeffreypelumi

Answer:0.79 times

Inventory Turnover = COGS / [ (BI + EI) / 2 ]

= 267,000.00 / [ ( 343,000.00 + 331,000.00) / 2 ]

= 0.79

Inventory Turnover (IT) = 0.79 times

Days in Inventory = DIY / IT

= 365.00 / 0.79

= 462.03

Days in Inventory (DII) = 462.03 days

Step-by-step explanation:

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