11) Goods available for sale are $350,000; beginning inventory is $24,000; ending inventory is $32,000; and
cost of goods sold is $275,000. The inventory turnover is __________.
12) Goods available for sale are $25,000; beginning inventory is $8,000; ending inventory is $12,000; and cost
of goods sold is $10,000. What is the inventory turnover?
13) Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and cost of goods sold is $50,000. The inventory turnover is __________.
14) Goods available for sale are $28,000; beginning inventory is $13,000; ending inventory is $15,000; and cost of goods sold is $39,000. What is the inventory turnover?
15) Gross profit is $40,000; beginning inventory is $16,000; ending inventory is $20,000; and sales are $120,000. Calculate the inventory turnover and days in inventory.
16) 2012 ending inventory is $27,000; 2013 ending inventory is $19,000;2014 ending inventory is $21,000; and cost of goods sold is $63,500 for 2014 and $65,900 for 2013. What is the inventory turnover for 2013 and 2014? Has the inventory turnover improved?