Question: Calculate inventory turnover using the data below: Smith's Ltd . sells sporting goods for local sports leagues. During the current year, Smith's reported cost of

Calculate inventory turnover using the data below:
Smith's Ltd. sells sporting goods for local sports leagues. During the current year, Smith's reported cost of goods sold on its income statement of $1,000,000. Smith's beginning inventory was $3,000,000, and its ending inventory was $4,000,000.

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