Question

find the average inventory.

date\tinventory amount at retail
january 1\t$65,434
april 1\t$58,721
july 1\t$53,514
october 1\t$78,783
december 31\t$46,561

the average inventory is $\square.
(round to the nearest cent as needed.)

Explanation:

Step1: Sum the inventory amounts

We add up all the inventory amounts at retail: \( 65434 + 58721 + 53514 + 78783 + 46561 \)
First, \( 65434 + 58721 = 124155 \)
Then, \( 124155 + 53514 = 177669 \)
Next, \( 177669 + 78783 = 256452 \)
Finally, \( 256452 + 46561 = 303013 \)

Step2: Calculate the average

The average is the sum divided by the number of data points (which is 5 here). So we do \( \frac{303013}{5} \)
\( 303013 \div 5 = 60602.6 \)

Answer:

\( 60602.60 \) (rounded to the nearest cent)