Chapter 16.III, Problem 12RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Riverside Industries had cost of goods sold of $359,700 for the year. The beginning inventory at cost was$73,180, and the ending inventory at cost was $79,500.a. What was the average inventory at cost?b. What was the inventory turnover rounded to the nearest tenth? (a) To determine To calculate: The average inventory at cost of riverside industries which had cost of goods sold$359,700 and beginning and ending inventory at cost are provided as $73,180 and$79,500 respectively.

Explanation

Given Information:

The beginning and the ending inventory is provided as $73,180 and$79,500 respectively.

The cost of goods is provided as $359,700. Formula used: Average inventory at cost is: averageÂ inventoryÂ atÂ cost=Â beginingÂ inventoryÂ atÂ cost+endingÂ inventoryÂ atÂ cost2 Calculation: Consider the beginning and ending inventory are provided as$73,180 and $79,500 respectively (b) To determine To calculate: The inventory turnover rounded to the nearest tenths at cost of riverside industries which had cost of goods sold$359,700 and beginning and ending inventory at cost are provided as $73,180 and$79,500 respectively.

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