Which of the following statements about inventory turnover is false? ANSWER Unselected The inventory turnover ratio indicates the number of days it took to sell inventory each period. Unselected The inventory turnover ratio is calculated by dividing cost of goods sold by average inventory. Unselected The higher the inventory turnover ratio, the more concerned you should be about effectively investing in inventory. Unselected The lower the inventory turnover ratio, the longer you are holding inventory