Johnson Department Store had net sales of $23 million and cost of goods sold of $12 million
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Question:
Johnson Department Store had net sales of $23 million and cost of goods sold of $12 million for the year. The beginning inventory for the year was $6 million. The ending inventory for the year was $1 million. What is the inventory turnover? (Do not round intermediary calculations and round your final answer to two decimal places.)
Expert Answer:
To calculate the inventory turnover we use the formula Inventory Turnover Cost of Goods Sold A... View the full answer
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