What will be the inventory turnover ratio if sales are ₹1600000, average inventory is ₹220000 and the gross loss ratio is 10%?

8 times

Inventory Turnover Ratio = Cost of Revenue from Operations/ Average Inventory
                                           = 1760000/220000
                                           = 8 times

* Cost of revenue from operations=  revenue from operations + gross loss
                                                        = 1600000 +160000
                                                        = ₹1760000

*Gross loss = sales X percentage
                   = 1600000 x 10/100
                   = 160000