The grocery industry has an annual inventory turnover of about 16 times. organic grocers, inc., had a cost of goods sold last year of $10 comma 860,000; its average inventory was $990,590. what was organic grocers' inventory turnover, and how does that performance compare with that of the industry?

Inventory turnover = Cost of goods sold  

                                  Average inventory

                               =  $10,860,000

                                  $990,590

                               =   11 times

The inventory turnover of 11 times implies that the Organic Grocers generates less sales from inventory compared with industry average.                                                                                                                                                                                                                                                                                                                                                                                                                                                      

Explanation:

Inventory turnover is the ratio of cost of goods sold to average inventory.

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