Use the Following to Calculate the Inventory Turnover Ratio for the Year

question 85

Essay

Use the following to calculate the inventory turnover ratio for the year 2019.
$$\begin{array} { l l l } & \underline { 2019 } & \underline { 2018 } \\\text { Cost of Goods Sold } & 585,000 & 475,000 \\\text { Merchandise Inventory } & 320,000 & 295,000\end{array}$$

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Definitions:

Entitlement

A belief that one is inherently deserving of privileges or special treatment.

Criticism

The act of expressing disapproval of someone or something based on perceived faults or mistakes.

Agreeableness

A personality dimension describing someone who is cooperative, empathetic, and friendly.

Conscientiousness

One of the Big Five personality traits, characterized by being systematic, well-organized, careful, and responsible.