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Assume a firm’s inventory level of $11,500 represents 33 days' sales. What is the inventory turnover ratio? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)

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tahneetakhan

Answer:

11.06

Explanation:

Cost of goods sold = Inventory * Number of days / Sales days = (11,500 * 365 / 33) = 127,196.9697

Inventory Turnover Ratio = Cost of goods sold / Inventory = (127,196.9697/11,500) = 11.06 times per year

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