Asked by Nitin Channa on May 21, 2024
Verified
Wilson Steel Company had ending inventory of $254,300 this year, ending inventory of $156,000 last year, and $186,000 as cost of goods sold. Compute the inventory turnover rate.
Ending Inventory
The sum of the value of products ready to be sold at the conclusion of a financial period.
Inventory Turnover Rate
A measure of how often a company sells and replaces its stock of goods within a period, indicating the efficiency of sales and inventory management.
- Ascertain the rate of inventory turnover.
Verified Answer
EL
Learning Objectives
- Ascertain the rate of inventory turnover.