Question: Which of the following is the correct formula to calculate inventory turnover? Group of answer choices Inventory turnover = Cost of goods sold / Average

Which of the following is the correct formula to calculate inventory turnover?
Group of answer choices
Inventory turnover = Cost of goods sold / Average merchandise inventory
Inventory turnover = Cost of goods sold Average merchandise inventory
Inventory turnover = Cost of goods sold + Average merchandise inventory
Inventory turnover = Cost of goods sold - Average merchandise inventory
Which of the following is the correct order of subtotals that appear on a multi-step income statement?
Group of answer choices
Operating income, Gross profit, Net income
Gross profit, Net sales revenue, Net income
Net income, Operating income, Net income
Gross profit, Operating income, Net income

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