Swanson, Incorporateds sales for the year ended March 31, 2018, were $1,275,000, and cost of goods sold

Question:

Swanson, Incorporated’s sales for the year ended March 31, 2018, were $1,275,000, and cost of goods sold amounted to $728,000. Beginning inventory was $55,000, and ending inventory was $68,000.

Compute Swanson, Incorporated’s rate of inventory turnover for the year ended March 31, 2018. Round your answer to the nearest tenth.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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