Question
Calculate the Inventory Turnover Ratio
Refer to the following information to answer the next 4 questions (Q15 to Q18):Solution
 Inventory Turnover Ratio: COGS/Average Inventory = 6,00,000/60,000 = 10 Times  COGS = Opening Stock + Purchase + Direct Expenses – Closing Stock            = 20,000 + 6,30,000 + 50,000 – 1,00,000            = 6,00,000  Average Inventory = (Opening Stock + Closing Stock) / 2            = (20,000 + 1,00,000) / 2            = 60,000 Â
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