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Select the correct formula to calculate the inventory turnover ratio.

Inventory Turnover Ratio $=$ Revenues $\frac{?}{?}$ Average Inventory

Inventory Turnover Ratio $=$ Average Inventory $\frac{?}{?}$ Cost of Goods Sold

Inventory Turnover Ratio $=$ Cost of Goods Sold $\frac{?}{?}$ Average Inventory

Inventory Turnover Ratio $=$ Average Inventory $\frac{?}{?}$ Revenues