The following information was reported for Ivanhoe Industries: Ending Inventory Cost of Goods sold 2022 2023 $142,000 $191,000 $518,325 $554,445 2024 $236,000 $721,630 Calculate the inventory turnover and average days for both 2023 and 2024. (Round Inventory turnover to 2 decimal places, e.g. 15.75 Average days to 1 decimal place, e.g. 15.1. Use 365 days for calculation.) 23023 2024

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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.