Suppose at December 31 of a recent year, the following information (in thousands

Question

Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $153,357; beginning inventory $122,003; cost of goods sold $350,824 and sales revenue $820,884.

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Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $153,357; beginning inventory $122,003; cost of goods sold $350,824 and sales revenue $820,884.

Explanation / Answer

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Inventory turnover ratio = cost of goods sold / ((Beginning inventory + Ending inventory) /2) Inventory turnover ratio = $350,824 / (($122,003+$153,357)/2) Inventory turnover ratio = 2.55 Times

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