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Hapwood Hills had a total of $10,500,000 in sales for 2015. The beginning inventory at January 1, 2012 was valued at cost at $615,000. During
Hapwood Hills had a total of $10,500,000 in sales for 2015. The beginning inventory at January 1, 2012 was valued at cost at $615,000. During the year, Hopwood purchased an additional $5,975,000 worth of inventory. At year end, the ending inventory count revealed that the remaining inventory was valued at cost at $764,300. What was the average inventory turnover for Hopwood for 2015?
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