Excel Online Structured Activity: Inventory Turnover Ratio Suppose that a firm has an ending inventory of $125,000 as of December 31, 2012. The accounting information for 2013 has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet Questions 1. What is the monthly inventory turnover ratio for each of the twelve months for 2013? Round your answers to two decimal places. Month Monthly Inventory Turnover Ratio January February March April May June July August September October November December 2. What is the total cost of goods sold for the year? Round your answer to the nearest dollar. 3. What is the average monthly inventory? Round your answer to the nearest cent. ----------- Inventory Turnover Ratio Ending Inventory (Dec 31st) $125,000 Inventory Turnover Ratio Formulas Month January February March April May June July August September October November December Ending Inventory $51,000 $87,000 $86,000 $50,000 $78,000 $84,000 $150,000 $211,000 $64,000 $104,000 $165,000 $103,000 Cost of Goods Sold $86,000 $1,230,000 $1,000,000 $780,000 $970,000 $900,000 $557,000 $1,308,000 $989,000 $880,000 $1,230,000 $1,000,000 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A Total COGS #N/A Average monthly inventory #N/A #N/A Annual Inventory Ratio #N/A