Question: I am having trouble calculating Inventory Turnover Rate and Average Days Inventory is Held. Business in operation for 91 days. Industry averages based on annual

I am having trouble calculating Inventory Turnover Rate and Average Days Inventory is Held. Business in operation for 91 days. Industry averages based on annual analysis. Need to confirm if numbers are correct.

COGS - 13,580 / Opening Stock - 0 / Closing Stock - 9344.

My calculations are as follows:

Inventory turnover rate - 1.45 times (three months) converts to 5.8 times annually

Average days inventory held - 62.75 days (three months) converts to 62.93 days annually.

I am completing Cert IV Accounting and Bookkeeping - FNSACC414.

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