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Inventory Turnover Ratio = (Cost of Goods Sold /Cost of Revenue from Operation)/Average Inventory
Cost of goods sold= Opening Stock + Net Purchases + Direct Expenses – Closing Stock
Cost of Revenue from Operations = Revenue from Operations – Gross Profit
Cost of Material Consumed (including direct expenses) + Change in inventories of WIP and Finished Goods
Opening Inventory + Net Purchases+ Direct Expenses – Closing inventory
Average Inventory = (Opening Inventory + Closing Inventory)/2