A company has the following information related to its cost of goods sold and inventory for the year ended December 31, 2022:

• Cost of goods available for sale: $500,000
• Beginning inventory, January 1, 2022: $50,000
• Ending inventory, December 31, 2022: $60,000

Required: (a) Calculate the cost of goods sold for the year ended December 31, 2022. (5 marks)

(b) Calculate the inventory turnover ratio for the year ended December 31, 2022. (5 marks)