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2 years ago

Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory turnover for Year 2.

Business

1 answer:

KatRina [158]2 years ago

7 0

Answer:

c) 3.28.

Explanation:

Computation for the company's inventory turnover for Year 2.

Using this formula

Inventory Turnover = Cost of Goods Sold / Average Inventory

Let plug in the formula

Inventory Turnover=$390,000/[($121,000+ $117,000)/2]

Inventory Turnover=$390,000/$238,000/2

Inventory Turnover=$390,000/119,000

Inventory Turnover=3.277

Inventory Turnover= 3.28 (Appropriately)

Therefore the company's inventory turnover for Year 2 is 3.28

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