Question: A local book store is concerned that it is holding onto inventory for too long a period of time. The owner decides to analyze

A local book store is concerned that it is holding onto inventory

A local book store is concerned that it is holding onto inventory for too long a period of time. The owner decides to analyze the inventory turnover by calculating the inventory turnover ratio for the period ending December 31, 2024. The book store's opening inventory is $162,500, its ending inventory is $177,330, its total cost of goods sold for 2024 is $1,855,000, and its cost of goods sold for 2023 is $1,750,000. What is the inventory turnover ratio for 2024? 11.4 times 10.4 times 10.9 times 10.6 times

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