Question

Select the best choice for each question.

A product's beginning inventory on January 1 was $8,400\$ 8,400, and its ending inventory on March 31 was $3,600\$ 3,600. The cost of goods sold for the product in the quarter was $14,500\$ 14,500. What was the product's turnover rate, to the nearest tenth?

A. 3.03.0

B. 2.42.4

C. 1.31.3

D. 1.71.7

E. 6.46.4

Solution

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$8,400+$3,6002=$6,000\dfrac{\$8,400+\$3,600}{2}=\$6,000

The average is the sum of all values divided by the number of values.

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