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A retail store has beginning inventory of $100,000, purchases of $500,000, and ending inventory of $120,000. If the store's cost of goods sold is $400,000,

  • A retail store has beginning inventory of $100,000, purchases of $500,000, and ending inventory of $120,000. If the store's cost of goods sold is $400,000, calculate its inventory turnover ratio and average days in inventory.
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