7. Formula: Inventory Turnover - Cost of Goods Sold/Average Inventory at Cost If a firm's current cost of goods sold is $23,000 and its inventory turnover rate is 2.3, what is the average inventory at cost? a) 1,000 b) 10,000 c) 52,900 d) 100,000 1,000 10.000 52.900 100.000