Chapter 16.III, Problem 12RE

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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:

**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.

Sect-16.I P-1TIESect-16.I P-2TIESect-16.I P-3TIESect-16.I P-4TIESect-16.I P-1RESect-16.I P-2RESect-16.I P-3RESect-16.I P-4RESect-16.I P-5RESect-16.I P-6RE

Sect-16.I P-7RESect-16.I P-8RESect-16.I P-9RESect-16.I P-10RESect-16.II P-5TIESect-16.II P-6TIESect-16.II P-1RESect-16.II P-2RESect-16.II P-3RESect-16.II P-4RESect-16.II P-5RESect-16.II P-6RESect-16.II P-7RESect-16.II P-8RESect-16.II P-9RESect-16.III P-7TIESect-16.III P-8TIESect-16.III P-9TIESect-16.III P-1RESect-16.III P-2RESect-16.III P-3RESect-16.III P-4RESect-16.III P-5RESect-16.III P-6RESect-16.III P-7RESect-16.III P-8RESect-16.III P-9RESect-16.III P-10RESect-16.III P-11RESect-16.III P-12RESect-16.III P-13RESect-16.III P-14RESect-16.III P-15RECh-16 P-1CRCh-16 P-2CRCh-16 P-3CRCh-16 P-4CRCh-16 P-5CRCh-16 P-6CRCh-16 P-7CRCh-16 P-8CRCh-16 P-9CRCh-16 P-10CRCh-16 P-11CRCh-16 P-12CRCh-16 P-13CRCh-16 P-14CRCh-16 P-1ATCh-16 P-2ATCh-16 P-3ATCh-16 P-4ATCh-16 P-5ATCh-16 P-6ATCh-16 P-7ATCh-16 P-8ATCh-16 P-9ATCh-16 P-10ATCh-16 P-11ATCh-16 P-12ATCh-16 P-13AT

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