Early in 2017, Pina Colada Corp. switched to a just-in-time inventory system. Its sales and...
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Accounting
Early in 2017, Pina Colada Corp. switched to a just-in-time inventory system. Its sales and inventory amounts for 2016 and 2017 are shown below.
| 2016 | 2017 | |||
|---|---|---|---|---|
| Sales revenue | $3,279,060 | $3,700,140 | ||
| Cost of goods sold | 1,136,900 | 1,560,100 | ||
| Beginning inventory | 169,910 | 222,030 | ||
| Ending inventory | 222,030 | 94,730 |
Determine the inventory turnover for 2016 and 2017. (Round answers to 1 decimal place, e.g. 5.1.)
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