solve within 30 mins. 1) Calculate a business's inventory turnover rate if theopening inventory is valued at $1,800 and the closinginventory is valued at $1,400 for the month. There are$6,200 in purchases for the month. Assume that therestaurant has no adjustments to the cost of food soldfrom employee meals, promotions, etc.2) A restaurant purchases chicken breast four timeseach week and conducts an inventory weekly. Themost recent week's deliveries have been:Monday-20 # chicken at $1.87/#Wednesday25 #chicken at $1.86/#Friday-20 #chicken at $1.92/#Saturday 45 # chicken at $1.93/#Calculate the possible values for 30 # of chicken left ininventory on Sunday afternoon using the FIFO, LIFO,weighted average, and most recent price methods.Assuming the restaurant rotates stock properly,provide the value using the actual price method aswell.

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1) Calculate a business's inventory turnover rate if the opening inventory is valued at $1,800 and the closing inventory is valued at $1,400 for the month. There are $6,200 in purchases for the month. Assume that the restaurant has no adjustments to the cost of food sold from employee meals, promotions, etc.

1) Calculate a business's inventory turnover rate if the opening inventory is valued at $1,800 and the closing inventory is valued at $1,400 for the month. There are $6,200 in purchases for the month. Assume that the restaurant has no adjustments to the cost of food sold from employee meals, promotions, etc.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 26DQ

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