3. Compute the raw materials inventory turnover for the most recent two years. Current year 1 year past 2 years past Ending raw materials inventory Beginning raw materials invent Raw materials used $321,000 295.000 288,645 254,000 2.755,000 2,361,000 277,500 241,000 2,550,000

3. Compute the raw materials inventory turnover for the most recent two years. Current year 1 year past 2 years past Ending raw materials inventory Beginning raw materials invent Raw materials used $321,000 295.000 288,645 254,000 2.755,000 2,361,000 277,500 241,000 2,550,000

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Description: 3. Compute the raw materials inventory turnover for the most recent two years.Current year1 year past 2 years pastEnding raw materials inventoryBeginning raw materials inventRaw materials used$321,000288,6452.755,000Work Area295.000254,0002,361,0002

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

3. Compute the raw materials inventory turnover for the most recent two years.
Current year
1 year past 2 years past
Ending raw materials inventory
Beginning raw materials invent
Raw materials used
$321,000
288,645
2.755,000
Work Area
295.000
254,000
2,361,000
277,500
241,000
2,550,000

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