The year-end financial statement of Wando's Vineyards reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in year 2. Note 3 to the financial statements reported that Inventories consisted of:
Year 2 Year 1
Winemaking and packaging materials $817,836 $690,292
Work-in-process 6,634,014 6,058,701
Finished goods 4,518,806 3,883,469
Total inventories $11,970,656 $10,632,462
The inventory turnover for Year 2 was:
Select one:
a. 0.68
b. 0.64
c. None of these are correct.
d. 0.6
e. 1.71