Average inventory last year was $200,000 and turns were 6. $1,20,000 is cost of goods sold last year.
Inventory or inventory refers to goods and materials held by a company for the ultimate purpose of resale, production or use. Inventory management is a discipline primarily concerned with specifying the shape and placement of stored goods.
Inventories are raw materials used in the manufacture of goods and goods offered for sale. It is classified as a current asset on the company's balance sheet. The three inventory types include raw materials, work in process, and finished goods.
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