what is the formula of inventory turnover ratio
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it is your answer or formula
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The answer for the following question is given below .
Explanation:
Inventory turnover ratio = Cost of Gods sold / Average inventory
Computation:
Calculation of Cost of goods sold = Opening inventory + Purchase during the year - closing inventories.
Average Inventory = (Opening inventory + closing inventory) / 2
Inventory turn over ratio is used to calculate how many times the average inventory be sold.
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