Use the information above to answer the following question.
Rate of Turnover = opening stock + cost of goods sold / closing stock
(first, we determine the value for cost of goods sold since it isnt given in the table)
(cost of goods sold is gotten as = opening stock + purchases - closing stock)
(COGS= 6000 + 23000 - 8000 = 21000) ''since we now know the value of cost of sales, we can now calculate the rate of turnover''
rate of turnover = 6,000 + 21,000 / 8,000
27,000 / 8,000 = 3.0 times