Question: Using the following data, compute inventory turnover. Inventory, December 31, year 1 ..................................................... $ 82,000 Cost of goods sold .................................................................... 342,000 Sales .................................................................................... 694,000 Inventory,

Using the following data, compute inventory turnover.
Inventory, December 31, year 1 ..................................................... $ 82,000
Cost of goods sold .................................................................... 342,000
Sales .................................................................................... 694,000
Inventory, January 1, year 1 ......................................................... 74,000

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