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Cost of goods sold = $14,181,000
Inventory = $7,411,000
Using the cost of goods sold and inventory value, the inventory turnover ratio is:
Inventory turnover ratio = Cost of goods sold / Inventory
= $14,181,000 / $7,411,000
= 1.91
The inventory turnover ratio is calculated by dividing the cost of goods by average inventory for the same period.
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