Response to the following problem:
Early in 2014, Defoor Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2013 and 2014 are shown below.
|
|
2013 |
|
2014 |
| Sales revenue |
|
$3,120,000 |
|
$3,713,000 |
| Cost of goods sold |
|
1,200,000 |
|
1,425,000 |
| Beginning inventory |
|
170,000 |
|
210,000 |
| Ending inventory |
|
210,000 |
|
90,000 |
Determine the inventory turnover for 2013 and 2014. (Round answers to 1 decimal place, e.g. 5.1.)