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Norton Industries recorded total cost of goods sold for 20X2 of $6.4 million. Norton had the following inventory balances for the months indicated (end of

Norton Industries recorded total cost of goods sold for 20X2 of $6.4 million. Norton had the following inventory balances for the months indicated (end of period balances):

In Millions
December, 20X1 $1.20
January, 20X2 1.65
February, 20X2 1.70
March, 20X2 1.36
April, 20X2 1.66
May, 20X2 1.93
June, 20X2 1.43
July, 20X2 1.81
August, 20X2 1.78
September, 20X2 1.27
October, 20X2 1.61
November, 20X2 1.63
December, 20X2 1.26

  1. Compute inventory turnover for Norton using different methods to calculate the inventory figure. Round your answers to 2 decimal places.
    1. End of year x
    2. Average of the beginning and end of year x
    3. Average of the ends of quarters (use the five quarter ends) x
    4. Average of the ends of months (use the 13 month ends) x

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