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Financial Statement Analysis for Inventory Turnover Ratio : A company's cost of goods sold (COGS) for the year was $400,000, and its average inventory value

Financial Statement Analysis for Inventory Turnover Ratio: A company's cost of goods sold (COGS) for the year was $400,000, and its average inventory value was $50,000. Calculate the company's inventory turnover ratio and discuss how this efficiency ratio reflects the company's inventory management effectiveness. Analyze strategies to improve inventory turnover and their implications for working capital management and profitability.

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