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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

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:

average inventory at cost= begining inventory at cost+ending inventory at 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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