Rhett made his annual gambling trip to uwin casino. on this trip rhett won $250 at the slots and $1,200 at poker. also this year
1 answer:
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Answer:
16.42
Explanation:
Data provided in the question:
Cost of goods sold = $548,600
Beginning inventory of the year = $31,283
Ending inventory of the year = $35,538
Now,
the Inventory turnover ratio is calculated as;
⇒ ( Cost of goods sold ) ÷ ( Average inventory of the year )
Also,
Average inventory of the year =
=
= $33,410.5
Therefore,
Inventory turnover ratio = $548,600 ÷ $33,410.5
= 16.42