Suppose this information is available for PepsiCo, Inc. for 2023, 2024, and 2025. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) 2023 $1,926 2,290 18,038 2024 $2,290 2,522 2025 39,474 43,251 $2,522 2,618 20,351 20,099 43,232 Calculate the inventory turnover for 2023, 2024, and 2025. (Round inventory turnover to 1 decimal place, e.g. 5.1.)

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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.