Nico corporation has cost of goods sold of $300,000 and inventory of $30,000, then the inventory turnover is and the average age of inventory is

Given: -
 Cost of goods sold = $300,000
 Inventory = $30,000
   We need to find:
 1) Inventory turnover
  2) Average age of inventory
   Solution:
 1) Inventory turnover = Cost of Goods Sold/inventory = 300,000/30,000 Inventory turnover = 10.
   2) Average age of Inventory = (Inventory/Cost of Goods Sold) * 365 Average age of Inventory = (30,000/300,000) * 365 = 36.5

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