Calculate the inventory turnover at cost for Ricky’s Department Store. The starting inventory at cost was and the ending inventory at cost was
. Cost of goods sold for the year totaled . (Round to the nearest tenth)
Select one:
a. 7.4
b. 5.5
c. 3.7
d. 11.3

Ask by Ruiz Gibbs. in the United States

Mar 31,2025

Question

Calculate the inventory turnover at cost for Ricky’s Department Store. The starting inventory at cost was and the ending inventory at cost was
. Cost of goods sold for the year totaled . (Round to the nearest tenth)
Select one:
a. 7.4
b. 5.5
c. 3.7
d. 11.3

Ask by Ruiz Gibbs. in the United States

Mar 31,2025

UpStudy AI · Accepted Answer

$$
\textbf{Step 1: Calculate the average inventory.}
$$

$$
\text{Average Inventory} = \frac{\text{Starting Inventory} + \text{Ending Inventory}}{2} = \frac{485\,800 + 236\,000}{2} = \frac{721\,800}{2} = 360\,900
$$

$$
\textbf{Step 2: Compute the inventory turnover at cost.}
$$

$$
\text{Inventory Turnover} = \frac{\text{Cost of Goods Sold}}{\text{Average Inventory}} = \frac{2\,670\,660}{360\,900} \approx 7.4
$$

$$
\textbf{Answer: } 7.4
$$
The inventory turnover at cost is 7.4.

Calculate the inventory turnover at cost for Ricky’s Department Store. The starting inventory at cost was and the ending inventory at cost was
. Cost of goods sold for the year totaled . (Round to the nearest tenth)
Select one:
a. 7.4
b. 5.5
c. 3.7
d. 11.3

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Calculate the inventory turnover at cost for Ricky’s Department Store. The starting inventory at cost was and the ending inventory at cost was . Cost of goods sold for the year totaled . (Round to the nearest tenth) Select one: a. 7.4 b. 5.5 c. 3.7 d. 11.3

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Latest Economics Questions

Calculate the inventory turnover at cost for Ricky’s Department Store. The starting inventory at cost was and the ending inventory at cost was
. Cost of goods sold for the year totaled . (Round to the nearest tenth)
Select one:
a. 7.4
b. 5.5
c. 3.7
d. 11.3