A company had net sales of ​$318,000. The beginning inventory at retail was ​$124,000 and the ending inventory was ​$150,000. Find the turnover rate at retail.

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ISBN:9780470458365
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Part 1
A company had net sales of
​$318,000.
The beginning inventory at retail was
​$124,000
and the ending inventory was
​$150,000.
Find the turnover rate at retail.
Expert Solution
Step 1: Introduction to the question

The net sales of a company:  $318000.

Beginning inventory at retail: $124,000

Ending inventory: ​$150,000.

Turnover Rate at Retail equals fraction numerator Net space Sales over denominator Average space Retail space inventory space end fraction, where

Net Sales is the total sales and average retail inventory is the average value of the inventory at retail prices.

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