Math

Advanced MathContemporary Mathematics for Business & ConsumersAssuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory necessary to come up to industry standards. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth. Cost of Beginning Ending Average Inventory Published Target Average Net Sales Goods Sold Inventory Inventory Inventory Turnover Rate Inventory 8. $884,500 $224,130 $134,900 _______ _______ 5.9 _______BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 16.III, Problem 8RE

Textbook Problem

Assuming that all net sales figures are at *retail* and all cost of goods sold figures are at *cost,* calculate the average inventory and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory necessary to come up to industry standards. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth.

Cost of |
Beginning |
Ending |
Average |
Inventory |
Published |
Target Average |
||||||||

Net Sales Goods Sold |
Inventory |
Inventory |
Inventory |
Turnover |
Rate |
Inventory |
||||||||

8. | $884,500 | $224,130 | $134,900 | _______ | _______ | 5.9 | _______ |

Contemporary Mathematics for Business & Consumers

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Ch. 16.I - You are the merchandise manager at Best Buy. The...Ch. 16.I - Let’s return to Try It Exercise 1, Best Buy. Use...Ch. 16.I - Once again, let’s use the Best Buy example. This...Ch. 16.I - Determine the value of the following inventory for...Ch. 16.I - 1. Calculate the total number of Sonic Blu-ray...Ch. 16.I - 2. When the buyer for Superior Electronics...Ch. 16.I - 3. Calculate the total number of units available...Ch. 16.I - When the merchandise manager of Advance Auto Parts...Ch. 16.I - 5. The following data represents the inventory for...Ch. 16.I - The following data represent the inventory figures...

Ch. 16.I - 7. Determine the value of the following inventory...Ch. 16.I - 8. Determine the value of the following inventory...Ch. 16.I - Determine the value of the following inventory for...Ch. 16.I - BUSINESS DECISION: IN OR OUT? You are the...Ch. 16.II - Using the retail method, estimate the value of the...Ch. 16.II - Fantasy Beauty Products, Inc., maintains a gross...Ch. 16.II - Using the retail method, estimate the value of the...Ch. 16.II - 2. Using the retail method, estimate the value of...Ch. 16.II - Using the retail method, estimate the value of the...Ch. 16.II - 4. Rambo Plumbing Supply maintains a gross margin...Ch. 16.II - Omni Fitness Equipment, Inc., maintains a gross...Ch. 16.II - 6. Hirst Electrical Supplies maintains a gross...Ch. 16.II - The following data represent the inventory figures...Ch. 16.II - 8. You are the warehouse manager for Discovery...Ch. 16.II - BUSINESS DECISION: OVER OR UNDER?
9. You own...Ch. 16.III - Exotic Gardens had net sales of $260,700 for the...Ch. 16.III - E-Z Kwik Grocery Store had cost of goods sold of...Ch. 16.III - Satellite Communications, Inc., had net sales of...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - Assuming that all net sales figures are at retail...Ch. 16.III - 9. Bubbles Bath Boutique had net sales of $245,300...Ch. 16.III - A Circle K convenience store had net sales of...Ch. 16.III - 11. The Gourmet’s Delight, a cooking equipment...Ch. 16.III - 12. Riverside Industries had cost of goods sold of...Ch. 16.III - 13. Summit Supply is an electrical parts...Ch. 16.III - 14. Kwik-Mix Concrete Corporation had cost of...Ch. 16.III - 15. Trophy Masters had net sales for the year of...Ch. 16 - 1. Goods that a company has in its possession at...Ch. 16 - A(n) __________ inventory system is physically...Ch. 16 - 3. A(n) __________ inventory system updates goods...Ch. 16 - 4. An inventory valuation method in which each...Ch. 16 - 5. An inventory valuation method that assumes the...Ch. 16 - An inventory valuation method that assumes the...Ch. 16 - An inventory valuation method that assumes the...Ch. 16 - 8. An inventory valuation method whereby items in...Ch. 16 - 9. The two generally accepted methods for...Ch. 16 - 10. The number of times during an operating period...Ch. 16 - 11. Inventory or stock turnover may be calculated...Ch. 16 - Write the formula for average inventory. (16-7,...Ch. 16 - 13. The ideal amount of inventory a company should...Ch. 16 - 14. When the target average inventory is...Ch. 16 - 1. Calculate the total number of Maytag Neptune...Ch. 16 - When the buyer for Southern Distributors (Exercise...Ch. 16 - 3. Calculate the total number of imported silk...Ch. 16 - When the merchandise manager for Ritz Fashions...Ch. 16 - 5. Determine the value of the following inventory...Ch. 16 - 6. Using the retail method, estimate the value of...Ch. 16 - 7. On July 24, a tornado destroyed Astro...Ch. 16 - Assuming that all net sales figures are at retail...Ch. 16 - Assuming that all net sales figures are at retail...Ch. 16 - Assuming that all net sales figures are at retail...Ch. 16 - Assuming that all net sales figures are at retail...Ch. 16 - A Foot Locker store had net sales of $435,900 for...Ch. 16 - 13. The Fabric Mart had cost of goods sold of...

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