find the stock turnover at cost and at retail.\nthe stock turnover at cost is \n(round to the nearest…
find the stock turnover at cost and at retail.\nthe stock turnover at cost is \n(round to the nearest hundredth.)
Answer
Explanation:
Step1: Recall the formula for stock turnover at cost
Stock turnover at cost = $\frac{\text{Cost of Goods}}{\text{Average Inventory at Cost}}$
Step2: Substitute the given values
Cost of Goods = $178157$, Average Inventory at Cost = $22340$ Stock turnover at cost = $\frac{178157}{22340}$
Step3: Calculate the value
$\frac{178157}{22340}\approx7.98$
Answer:
$7.98$