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Determine the Inventory turnover from the following information: Beginning Inventory (B.I) = $100,000 Ending inventory (E.I) = $120,000 Cost of goods sold (COGS) = $10,000,000 If the industry average for inventory turnover is 40, compare your inventory turnover to the industry average. Are you doing better than the industry average? Why or why not?

Determine the Inventory turnover from the following information: Beginning Inventory (B.I) = $100,000 Ending inventory (E.I) = $120,000 Cost of goods sold (COGS) = $10,000,000 If the industry average for inventory turnover is 40, compare your inventory turnover to the industry average. Are you doing better than the industry average? Why or why not?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determine the Inventory turnover from the following information: Beginning Inventory (B.I) = $100,000 Ending inventory (E.I) = $120,000 Cost of goods sold (COGS) = $10,000,000 If the industry average for inventory turnover is 40, compare your inventory turnover to the industry average. Are you doing better than the industry average? Why or why not?
Transcribed Image Text:Determine the Inventory turnover from the following information: Beginning Inventory (B.I) = $100,000 Ending inventory (E.I) = $120,000 Cost of goods sold (COGS) = $10,000,000 If the industry average for inventory turnover is 40, compare your inventory turnover to the industry average. Are you doing better than the industry average? Why or why not?
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