WAEC - Commerce (2009 - No. 11)
The rate of turnover is the number of times within a given period that
stock is sold and replaced
closing stock is sold and replaced
purchases are added to stock
average stock is sold
Explication
The rate of turnover is the number of times a firm sells all of its goods and it is gotten by dividing the total sales revenue in a period by the average inventory in that period.