Using the information below, compute the raw materials inventory turnover: Raw materials used$161,600 Beginning raw materials inventory 20,000 Ending raw materials inventory 22,200 Using the information below, compute the raw materials inventory turnover:- **Raw materials used:** $161,600- **Beginning raw materials inventory:** $20,000- **Ending raw materials inventory:** $22,200To calculate the raw materials inventory turnover, use the formula:\[ \text{Inventory Turnover} = \frac{\text{Raw Materials Used}}{\text{Average Inventory}} \]Where:\[ \text{Average Inventory} = \frac{\text{Beginning Inventory} + \text{Ending Inventory}}{2} \]Now, apply the numbers:1. Calculate the average inventory:\[ \text{Average Inventory} = \frac{20,000 + 22,200}{2} = 21,100 \]2. Calculate the inventory turnover:\[ \text{Inventory Turnover} = \frac{161,600}{21,100} \approx 7.66 \]This means the company turns over its raw materials inventory approximately 7.66 times in a given period. The image depicts a multiple-choice questionnaire with the following options:- O 50.10- O 45.20- O 8.08- O 7.28- O 7.66Each option is preceded by a circular radio button, typical of forms where a user can select only one option. There are no graphs or diagrams present in the image.

Raw materials inventory turnover = Raw materials used / [(Beginning raw materials inventory + Ending…

Answered: Using the information below, compute…

Using the information below, compute the raw materials inventory turnover: Raw materials used $ 161,600 Beginning raw materials inventory 20,000 Ending raw materials inventory 22,200

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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