Inventory management Three companies that compete in Scotland’s home furniture industry are Loch Furnishing, Highland Furnishing, and Fell Furniture. The table below shows cost of goods sold and average inventory levels for 2015, 2016, and 2017 fiscal years. Calculate the inventory turnover ratio for each company in each year and present your conclusions. All values are in £ thousands.

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Loch Cost of goods sold Inventory Highland Cost of goods sold Inventory Fell Cost of goods sold Inventory 2017 5,100 1,326 1,406 577 2,100 512 2016 4,826 1,284 1,315 552 1,842 480 2015 4,652 1,213 1,245 521 1,648 427