Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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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
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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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