Which of the following is the formula to calculate a firm's inventory turnover ratio?
A. ?Inventory Turnover = Sales ÷ Inventory
B. ?Inventory Turnover = Cost of goods sold ÷ Inventory
C. ?Inventory Turnover = Inventory ÷ Current assets
D. ?Inventory Turnover = Inventory ÷ Accounts receivables
E. ?Inventory Turnover = (Sales - Cost of goods sold) ÷ Inventory
Answer: B
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