Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726 $7,308 The cost of goods sold was $30,800. a) Find the average inventory at cost. Show work. b) Find the turnover at cost. Keep one decimal only. Show work. c) Can you find the average inventory at selling price? Yes? No? Why?
Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726 $7,308 The cost of goods sold was $30,800. a) Find the average inventory at cost. Show work. b) Find the turnover at cost. Keep one decimal only. Show work. c) Can you find the average inventory at selling price? Yes? No? Why?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 15RE: An evaluation of Bryces Bookstores inventory was performed in Year 2. It produced the following...
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Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726 $7,308
The cost of goods sold was $30,800.
a) Find the average inventory at cost. Show work.
b) Find the turnover at cost. Keep one decimal only. Show work.
c) Can you find the average inventory at selling price? Yes? No? Why?
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