A retailer in Las Vegas has an ending inventory of $250,000 as at December 31, 2012 and the following accounting information.

a. Compute the monthly inventory turnover ratio for each of the twelve months.

b. What are the annual cost of goods sold and the average inventory for the year?

c. Compute the annual inventory turnover ratio. How is the retailer€™s performance compare to the industry standard, assuming its business is similar to Wal-Mart€™s?

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Cost of Goods Sold Month Ending Inventory $225,000 $1,200,000 January February $325,000 $1,250,000 March $240,000 $1,350,000 $325,000 April $1,500,000 $460,000 May $950,000 $220,000 $850,000 June July $1,650,000 S85,000 $156,000 $1,325,000 August September $220,000 $1,750,000 October $265,000 $850,000 November $100,000 $2,200,000 December $350,000 $3,500,000