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Gold Clothing Store had a balance in the Accounts Receivable account of $810,000 for the year 2020 and a balance of $850,000 for the year
Gold Clothing Store had a balance in the Accounts Receivable account of $810,000 for the year 2020 and a balance of $850,000 for the year 2021. Gold Clothing Store also had Inventory of $430,000 for the year 2020 and a balance of $460,000 for the year 2021. Sales during the year (2021) amounted to $6,640,000. The cost of goods sold for the year 2021 reported was $580,000. Use the information given above to calculate the Inventory Turnover for the current year. You MUST show calculation [no need to write the formula]
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