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Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place) ? Sales on account during year
Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)?
Sales on account during year | $554,201 |
Cost of merchandise sold during year | 163,046 |
Accounts receivable, beginning of year | 40,143 |
Accounts receivable, end of year | 54,422 |
Merchandise inventory, beginning of year | 30,572 |
Merchandise inventory, end of year | 40,584 |
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