Final answer:
The average aggregate inventory value for the company with a cost of goods sold of $3 million and an inventory turnover of 4.6 times is approximately $652,173.91.
Step-by-step explanation:
To calculate the average aggregate inventory value, we first need to understand that inventory turnover is the ratio of cost of goods sold (COGS) to average inventory. Given that a company had a cost of goods sold of $3 million and turned over their inventory 4.6 times, we can calculate the average aggregate inventory by dividing the COGS by the inventory turnover ratio.
Average Aggregate Inventory Value = COGS / Inventory Turnover
When we plug in the numbers:
- COGS = $3,000,000
- Inventory Turnover = 4.6 times
This would give us:
Average Aggregate Inventory Value = $3,000,000 / 4.6
Average Aggregate Inventory Value = $652,173.91 (rounded to two decimal places)
Therefore, the average aggregate inventory value for the company would be approximately $652,173.91.