The following information was available for Swifty Corporation at December 31, 2022: beginning inventory $89000; ending inventory $128000; cost of goods sold $604000; and sales $992000. Swifty inventory turnover ratio in 2022 was:.a. 9.2 times. b. 10.0 times. c. 6.0 times. d. 7.2 times.

c. 6.0 times.

Explanation:

The computation of the inventory turnover ratio is shown below:

As we know that

Inventory turnover ratio is

= Cost of goods sold ÷ average inventory

= $604,000 ÷ ($89,000 + $128,000) ÷ 2

= $604,000 ÷ $108,500

= 5.57 times

= 6 times

Hence, the inventory turnover ratio of Swifty is 6.0 times

Therefore the correct option is c.

We simply applied the above formula so that the correct value could come

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