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    Inventory turnover rate

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    PMT Incorporated 2008 financial statements showed the following:

    Sales Revenue: $1,500,000
    Cost of Goods sold: $1,100,000
    Beginning Inventory: $150,000
    Ending Inventory: $130,000

    What was the company's inventory turnover rate for 2008? Please describe your answer.

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    Solution Preview

    Inventory turnover rate is how fast the inventory is being sold. It is calculated ...

    Solution Summary

    The solution explains how to calculate inventory turnover rate