question archive GregCo had the following account balances: Sales$250,000Cost of Goods Sold$162,500Inventory on January 1, 20X1$52,000Inventory on December 1, 20X1$45,000 GregCo had an inventory turnover of ________
GregCo had the following account balances: Sales$250,000Cost of Goods Sold$162,500Inventory on January 1, 20X1$52,000Inventory on December 1, 20X1$45,000 GregCo had an inventory turnover of ________
Subject:AccountingPrice:2.87 Bought7
GregCo had the following account balances:
Sales$250,000Cost of Goods Sold$162,500Inventory on January 1, 20X1$52,000Inventory on December 1, 20X1$45,000
GregCo had an inventory turnover of ________.
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The correct Answer is 3.35
Working:
Inventory Turnover ratio = Cost of goods sold/Average Inventory
Average Inventory = Opening Inventory + Closing Inventory /2
Average Inventory = 52,000 + 45,000/2
=48,500
Inventory turnover ratio = 162,500/48,500
=3.35
