Calculate inventory turnover for Lincoln Company, accounting homework help
Given the following information, calculate the inventory turnover for Lincoln Company, a large grocery store chain. Evaluate the trend results.
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2014: Cost of goods sold—$1,043,000; Beginning inventory—$283,000; Ending inventory—$264,000.
2013: Cost of goods sold—$820,000; Beginning inventory—$311,000; Ending inventory—$283,000.
