Which of the following is the correct formula to calculate inventory turnover?

Group of answer choices

Inventory turnover = Cost of goods sold / Average merchandise inventory

Inventory turnover = Cost of goods sold Average merchandise inventory

Inventory turnover = Cost of goods sold + Average merchandise inventory

Inventory turnover = Cost of goods sold - Average merchandise inventory

Which of the following is the correct order of subtotals that appear on a multi-step income statement?

Group of answer choices

Operating income, Gross profit, Net income

Gross profit, Net sales revenue, Net income

Net income, Operating income, Net income

Gross profit, Operating income, Net income