Homework Assignment 1 from Chapter 2 A retailer in Las Vegas has an ending inventory of $250,000 as at December 31, 2012 and the following accounting information Month January February March April May June July August September October November December Ending Inventory $225,000 $325,000 $240,000 $325,000 $460,000 $220,000 $85,000 $156,000 $220,000 $265.000 $100,000 $350,000 Cost of Goods Sold $1,200,000 $1,250,000 $1,350,000 $1,500,000 $950,000 $850,000 $1,650,000 $1,325,000 $1,750,000 $850,000 $2,200,000 $3,500,000 a. Compute the monthly inventory turnover ratio for each of the twelve months. b. What are the annual cost of goods sold and the average inventory for the year? Average Inventory = 247,583.33 Annual Cost of Goods Sold = 18,375,000 c. Compute the annual inventory turnover ratio. How is the retailer's performance compare to the industry standard, assuming its business is similar to Wal-Mart's? (Note: To evaluate the retailer's performance against the industry standard, compare its annual inventory turnover ratin against the industry standard or to the leading firms in