Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) 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. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth Net Sales $580,000 Cost of Goods Sold Beginning. Inventory Ending Inventory $131,250 $77,200 Average Inventory $ 104,225 ✓ 6.08 Inventory Turnover X Published Rate 4.8 Target Average Inventory $ 132,093.75 x

Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) 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. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth Net Sales $580,000 Cost of Goods Sold Beginning. Inventory Ending Inventory $131,250 $77,200 Average Inventory $ 104,225 ✓ 6.08 Inventory Turnover X Published Rate 4.8 Target Average Inventory $ 132,093.75 x

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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Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) 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. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth Net Sales $580,000 Cost of Goods Sold Beginning Inventory Ending Inventory $139,250 $77,200 Average Inventory $ 108225 Inventory Turnover X Published Rate 4.8 Target Average Inventory $
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am. 123.
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