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6 December, 06:13

Tinker's cost of goods sold in the year of sale (2016) was $750,000 and 2015 cost of goods sold was $770,000. the inventory at the end of 2016 was $188,000 and at the end of 2015 the inventory was $208,000. tinker's inventory turnover during 2016 was closest to:

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  1. 6 December, 07:07
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    Inventory turnover = Cost of goods sold / Average Inventory

    Average Inventory = (Beginning Inventory + Ending Inventory) / 2

    = ($188,000 + $208,000) / 2

    = $198,000

    Inventory turnover = $770,000 / $198,000

    = 3.89 times.
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