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galina1969 [7]
3 years ago
15

The following information was taken from Baxter Department Store's financial statements:

Business
1 answer:
vodka [1.7K]3 years ago
7 0

Answer:

500,000÷  200,000 = 2.5

Explanation:

inventory turnover is calculated as

cost of goods sold ÷ Average inventory

From the information of Baxter department store's financial statement, cost of goods sold can be calculated as

Opening inventory + purchases - closing inventory  

100,000 + 700,000 - 300,000 = 500,000

cost of goods sold = 500,000

Average stock is calculated as opening inventory + closing inventory ÷ 2

100,000 + 300,000 ÷ 2 = 200,000  

Average inventory = 200,000

Therefore inventory turnover = 500,000÷  200,000 = 2.5

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