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Which of the following formulae is used to calculate stock turnover rate?

Accounts - Principles of Accounts
WAEC 2007

Which of the following formulae is used to calculate stock turnover rate?

  • A. \(\frac{sales}{\text{average stock}}\)
  • B. \(\frac{\text{cost of sales}}{\text{average stock}}\)
  • C. \(\frac{\text{cost of sales}}{\text{opening stock}}\)
  • D. \(\frac{\text{cost of production}}{\text{average stock}}\)
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Correct Answer: Option B
Explanation

The inventory turnover ratio formula is the cost of goods sold divided by the average inventory for the same period.

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