Inventory Turnover ratio

This query is : Resolved 

27 January 2009 I just confused

Inv Turn Over Ratio= Closing stock/(Consumption for who;e year)

Whether I M correct

27 January 2009 inventory TO = cost of goods sold/avg inventory


Avg inventory=opening+closing/2


cost of goods sold= openig+purchase-closing stock
oR
slaes-gross profit



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