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 follow 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 invent nearest tenth Net Sales $560,000 Cost of Goods Sold Beginning Inventory $137,250 Ending Inventory $75,200 Average Inventory Inventory Turnover Published Rate 4.8 $ Target Average Inventory

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 follow 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 invent nearest tenth Net Sales $560,000 Cost of Goods Sold Beginning Inventory $137,250 Ending Inventory $75,200 Average Inventory Inventory Turnover Published Rate 4.8 $ Target Average Inventory

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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