The cost of goods sold for Veltron International last year amounted to $561,000, and the average inventory at cost was $224,400. The published inventory turnover at cost is 6.6. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory at cost (in $). (If the actual turnover is greater than the published rate, enter "above" for target average inventory.) Inventory turnover at cost Target average inventory at cost Need Help? Read It $ Watch It Master It

The cost of goods sold for Veltron International last year amounted to $561,000, and the average inventory at cost was $224,400. The published inventory turnover at cost is 6.6. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory at cost (in $). (If the actual turnover is greater than the published rate, enter "above" for target average inventory.) Inventory turnover at cost Target average inventory at cost Need Help? Read It $ Watch It Master It

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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