Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory and inventory turmover 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. Enter "above" (without the quotes) for the target inventory if it is more than the published rate. Round inventories to the nearest dollar and inventory turnover to the nearest tenth. Cost of Beginning Ending Average Inventory Published Target Average Net Sales Goods Sold Inventory Inventory Inventory Turnover Rate Inventory $378,000 $49,000 $56,000 $ 52500 7.2 5.2
Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory and inventory turmover 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. Enter "above" (without the quotes) for the target inventory if it is more than the published rate. Round inventories to the nearest dollar and inventory turnover to the nearest tenth. Cost of Beginning Ending Average Inventory Published Target Average Net Sales Goods Sold Inventory Inventory Inventory Turnover Rate Inventory $378,000 $49,000 $56,000 $ 52500 7.2 5.2
Chapter10: Inventory
Section: Chapter Questions
Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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