Selected information for 2018 is: 

cost of goods sold, $5,000,000;

average inventory, $2,000,000; 

net sales, $8,000,000; 

average receivables, $980,000; and 

net income, $700,000. 

Assuming a 360-day year, what was the inventory turnover ratio for 2018?

Answer rating: 100% (QA)

The inventory turnover ratio is calculated by dividing the cost of go... View the full answer