Question
During the financial year, a firm incurred a Cost of
Goods Sold (COGS) of ₹10,00,000. If its opening inventory was ₹1,80,000 and closing inventory was ₹2,20,000, calculate the Inventory Turnover Ratio, rounded to two decimal places.Solution
Average inventory = 1,80,000 + 2,20,000 /2 = 2,00,000 Inventory Turnover = COGS ÷ Avg Inventory = 10,00,000 ÷ 2,00,000 = 5 times.
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