The 2016 financial statement of willamette valley vineyards reported net revenues of $19,425,412 and cost of goods sold of $7,204,884. note 3 to the financial statements reported that inventories consisted of:

2016

2015

winemaking and packaging materials

$ 817,836

$ 690,292

work-in-progress

6,634,014

6,058,701

finished goods

4,518,806

3,883,469

total inventories

$11,970,656

$10,632,462

the inventory turnover for 2016 was:

select one:

a. 0.57

b. 0.64

c. 0.59

d. 1.71

e. none of the above

Option B : 0.64

Explanation:

Inventory Turnover 2016 = COGS÷ Average Inventory

Inventory Turnover 2016= 7,204,884 ÷ Average Inventory

Average Inventory = Opening Inventory + Closing Inventory

                                                             2

Average Inventory = 11,970,656 + 10,632,462

                                                 2

Average Inventory = 11,301,559

Inventory Turnover 2016 = 7204884 ÷ 11301559

Inventory Turnover 2016 = 0.64

d) social security number

let me know if i am correct or not, so i can edit the answer.

the correct answer is - no.

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