Dilisio Corporation has provided the following data: This YearLast YearAccounts receivable, net$126,000 $116,000 Inventory$226,000 $194,000 Sales on account$659,000 Cost of goods sold$417,000 Required:Compute the inventory turnover for this year:
What will be an ideal response?
Inventory turnover = Cost of goods sold ÷ Average inventory balance*
= $417,000 ÷ $210,000 = 1.99
*Average inventory balance = ($226,000 + $194,000) ÷ 2 = $210,000
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