Sticky Fingers Inc. produces scotch tape and masking tape. Last year's annual report has been compiled, and

Question:

Sticky Fingers Inc. produces scotch tape and masking tape. Last year's annual report has been compiled, and you are in charge of business analysis for the year. The company had a goal for inventory turnover of 6, cost of goods sold of $400,000, beginning inventory of $50,000, and ending inventory of $70,000. What was the actual inventory turnover, and at what percent did the firm achieve its goal?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...