solve within 30 mins. 1) Calculate a business's inventory turnover rate if theopening inventory is valued at $1,800 and the closinginventory is valued at $1,400 for the month. There are$6,200 in purchases for the month. Assume that therestaurant has no adjustments to the cost of food soldfrom employee meals, promotions, etc.2) A restaurant purchases chicken breast four timeseach week and conducts an inventory weekly. Themost recent week's deliveries have been:Monday-20 # chicken at $1.87/#Wednesday25 #chicken at $1.86/#Friday-20 #chicken at $1.92/#Saturday 45 # chicken at $1.93/#Calculate the possible values for 30 # of chicken left ininventory on Sunday afternoon using the FIFO, LIFO,weighted average, and most recent price methods.Assuming the restaurant rotates stock properly,provide the value using the actual price method aswell.

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1) Calculate a business's inventory turnover rate if the opening inventory is valued at $1,800 and the closing inventory is valued at $1,400 for the month. There are $6,200 in purchases for the month. Assume that the restaurant has no adjustments to the cost of food sold from employee meals, promotions, etc.

1) Calculate a business's inventory turnover rate if the opening inventory is valued at $1,800 and the closing inventory is valued at $1,400 for the month. There are $6,200 in purchases for the month. Assume that the restaurant has no adjustments to the cost of food sold from employee meals, promotions, etc.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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