Early in 2025, Cullumber Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2024 and 2025 are shown below. 2024 2025 Sales revenue $3,470,000 $3,810,000 Cost of goods sold 1,443,750 1,674,000 Beginning inventory 160,000 225,000 Ending inventory 225,000 85,000 (a1) Your answer is incorrect. Determine the inventory turnover for 2024 and 2025. (Round answers to 1 decimal place, e.g. 5.1.) 2024 2025

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.