Cape May Storage's ending Inventory was $ 484,000 (which was approximately the average inventory level for the

Question:

Cape May Storage's ending Inventory was $ 484,000 (which was approximately the average inventory level for the year); Cost of Goods Sold (CGS) from it current Income Statement was $ 4,286,500; AND its Gross Profit margin was 30%. What was Cape May's Inventory Turnover ratio?

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