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Modern Business Mathematics: Calculating Inventory and Turnover - Prof. Brigitte Martineau, Study notes of Mathematics

Monroe Community CollegeMathematics
Prof. Brigitte Martineau

This document from the modern business mathematics course by brigitte martineau provides formulas and examples for calculating average inventory at cost and selling price, as well as turnover at cost and selling price. Students will learn how to find the average inventory, total cost of merchandise sold, and total net sales from given inventory data.

Typology: Study notes

Pre 2010

Uploaded on 08/09/2009

koofers-user-l87
koofers-user-l87 🇺🇸

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MTH 130 Modern Business Mathematics
Brigitte Martineau Section 8.4
INVENTORY AND TURNOVER
Inventory:
Inventory at cost:
Inventory at selling price:
FORMULAS
Average Inventory = TakenTimesofNumber
sInventorietheofSum
Turnover at Cost =
CostatInventoryAverage
SoldeMerchandisofCostTotal
Turnover at Selling Price =
iceSellingatInventoryAverage
SalesNetTotal
Pr
pf2

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MTH 130 Modern Business Mathematics Brigitte Martineau Section 8.

INVENTORY AND TURNOVER

Inventory:

Inventory at cost:

Inventory at selling price:

FORMULAS

Average Inventory = Number of TimesTaken

Sum of the Inventories

Turnover at Cost = Average Inventory at Cost

Total Cost of Merchandise Sold

Turnover at Selling Price = Average Inventory at Selling ice

Total Net Sales Pr

MTH 130 Modern Business Mathematics Brigitte Martineau Section 8.

  1. Last year at Walt’s Plumbing and Heating, the following inventories at cost were taken: $18,543, $15,691, $16,042, $18,908. Find the average inventory at cost.
  2. Following are the inventories at selling price taken last year at the OK Appliance Store: $326,092, $310,764, $385,920, $385,410. Find the average inventory at selling price.
  3. Last year, Walt’s Plumbing and Heating in problem 1 had a total cost of merchandise sold of $70,913.60. Find the turnover at cost.
  4. Total net sales last year at the OK Appliance Store in problem 2 were $1,028,909.85. Find the turnover at selling price.