Financial statement data at December 31 for Ecco Company are shown below. Cost of merchandise sold $552,500 Inventories: Beginning

Financial statement data at December 31 for Ecco Company are shown below. Cost of merchandise sold $552,500 Inventories: Beginning of year 200,000 End of year 140,000 Determine inventory turnover for the year. a.1.63 b.2.76 c.3.95 d.3.25

Inventory turnover= 3.25 Explanation: Giving the following information: Cost of merchandise sold $552,500 Inventories: Beginning of year 200,000 End of year 140,000 To calculate the inventory turnover, we need to use the following formula: Inventory turnover= Cost of goods sold/ average inventory Average inventory= (beginning inventory + ending inventory) / 2 Average inventory= (200,000 + 140,000)/2= 170,000 Inventory turnover= 552,500/170,000 Inventory turnover= 3.25

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