Calculate the opening inventory if the closing inventory was ₹80000 in excess of the opening inventory and cost or revenue from operations is ₹500000 and the inventory turnover ratio is 5 times.

₹60000

Inventory Turnover Ratio = Cost of Revenue from Operations / Average Inventory

5 = 500000/ average inventory
Average inventory = ₹100000
Average inventory = (Opening + closing)/2
Opening inventory = 100000 - (1/2 of 80000)
                          = 100000 - 40000
                          = ₹60000