Asked by Morgan Freeman on May 07, 2024
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Favorite Flavors, Inc. takes inventory semiannually and bases inventory on selling price. Beginning inventory for the year was $95,300. Inventory at the end of the first six months was $112,000. Ending inventory for the year was $99,900. Net sales for the year equal $327,680. Compute the inventory turnover at retail.
Inventory Turnover
A measure of how many times a company's inventory is sold and replaced over a specific period, indicating efficiency in managing stock.
Inventory
The total amount of goods and materials a company has in stock, including raw materials, work-in-progress, and finished goods.
- Develop proficiency in determining inventory turnover as a measure of inventory management performance.
Verified Answer
NP
Learning Objectives
- Develop proficiency in determining inventory turnover as a measure of inventory management performance.