My calculation for stock turnover is the cost of goods sold / average stock holding. A bit rough but to me the average stock holding is the opening stock plus the closing stock divided by 2.
So (for 2019) - 222 / ((109+88)/2)
= 222 / (197/2)
= 222 / 98.5
= 2.25 times
or
222 / 109 = 2.04
Because the stock valuation is at cost, it's appropriate to divide the stock into the cost figure (COGS) and not the sales figure.
Ann: Becoming a substantial holder, page-22
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