Temu is a rapidly growing global e-commerce platform offering various low-cost consumer goods sourced from thousands of third-party suppliers, primarily in Asia. With consumer demand fluctuating due to seasonal campaigns, promotions, and global economic shifts, Temu’s supply chain team must constantly monitor inventory levels to avoid overstocking or delays in fulfilment. One key performance indicator they use is the Inventory Turnover Ratio (ITR), which provides insights into how often inventory is sold and replaced over a given period.

Temu’s supply chain analysts have collected data on monthly ending inventory values and the cost of goods sold (COGS) for the past year, the data is captured in the table below: 

You are part of Temu’s supply chain management team. You have received the following task: Please calculate the Annual Inventory Turnover Ratio for 2024 based on the provided data set.