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The following is used for the Turns formula: Turns = Year’s Cost Of Goods Sold $/Year’s Avg Units On Hand * Year’s Avg Unit Cost $ This ratio provides insight into how quickly a business can convert its stock into sales. Additionally, regular inventory audits are essential to identify non-performing items.
By closely monitoring these signals, savvy retailers can pivot strategies quickly to align with evolving market conditions. Strategies for Adapting to Shifting Consumer Confidence Data-Driven InventoryManagement In a volatile economy, data is your most reliable guide.
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