A retailer in Las Vegas has an ending inventory of $250,000 as of December 31, 2016, and the following accounting information. Using the table below answer these 3 questions: a) Compute the monthly inventory turnover ratio for each of the twelve months. b)What is the cost of the products sold annually and the total inventory for the year? c) Compute the annual inventory turnover ratio. How is the retailer's performance compare to the industry standard, assuming its business is similar to Walmart's Month Ending Inventory Cost of Goods Sold January $225,000 $12,00,000 February $1,250,000 $325,000 $240,000 March $1,350,000 $240,000 $1,500,000 April May $950,000 $460,000 $220,000 June $850,000 $85,000 $1,650,000 July August September $156,000 $1,325,000 $1,750,000 $220,000 October $265.000 $850,000 November $100,000 $2,200,000 $3,500,000 December $350.000 2.8 Inventory Turnover Ratio Ending Inv @ 12/31/2019 Fiscal Year 2020 Ending Inventory Cost of Goods Sold $250,000 January February March April May June July August September October November December $225,000 $325,000 $240,000 $325,000 $460,000 $220,000 $85,000 $156,000 $220,000 $265,000 $100,000 $350,000 $1,200,000 1,250,000 1,350,000 1,500,000 950,000 850,000 1,650,000 1,325,000 1,750,000 850,000 220,000 3,500,000 340,000 Average Inventory a) Monthly Inventory Turonover b) Annual Inventory Turnover 237,500 5.05 75.49 275,000 4.55 282,500 4.78 282,500 5.31 392,500 2.42 152,500 10.82 120,500 11 188,000 9.31 242,500 3.51 182,500 12.05 225,000 15.56 2.5 $18375,000 (b) Total or Annual Cost of Goods Sold $243,417 (b) Average Inventory for the Year 75.49 Annual Inventory Turnover Ratio [2] Note: To evaluate the retailer's performance against the industry standard, compare its annual inventory turnove against the industry standard or to the leading firms in the industry such as Walmart or Target. 1:33