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Problem - The cost of goods sold computations for Ivanhoe Company and Concord Company are shown below.
Ivanhoe Company
Concord Company
Beginning inventory
$41,000
$72,000
Cost of goods purchased
438,800
175,500
Cost of goods available for sale
479,800
247,500
Ending inventory
71,000
70,000
Cost of goods sold
$408,800
$177,500
Required - Compute inventory turnover for each company.
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