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Inventory Turnover ratio

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(Querist)
27 January 2009 I just confused

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

Whether I M correct
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
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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