UXZ has sales of $683,200, cost of goods sold of $512,900, and inventory of $74,315. What is the inventory turnover rate?7.33 times6.90 times5.70 times7.14 times8.47 times

Inventory turnover: 6.90 times

Explanation:

Inventory turnover is a way of measuring how many times a company sells its stock of inventory in a given time period and it is calculated by fomula:

Inventory turnover = Cost of goods sold / average inventory

= $512,900/$74,315 = 6.90 times