Calculate the Average Inventory and Inventory Turnover Ratio

question 76

Short Answer

Calculate the average inventory and inventory turnover ratio: $$\begin{array} { l l l l l l } & \text { Beginning } & \text { Ending } & \text { Average } & \text { Cost of } & \text { Inventory } \\\text { Company } & \text { Inventory } & \text { Inventory } & \text { Inventory } & \text { Goods Sold } & \text { Turnover } \\\text { Limited Toys } & \$ 77,325 & \$ 62,300 & & \$ 245,700 &\end{array}$$

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Definitions:

Shays' Rebellion

A series of protests in 1786 and 1787 by American farmers against state and local enforcement of tax collections and judgments for debt.

Paper Currency

Money in the form of banknotes issued by a government or central bank as legal tender.

New Jersey Plan

A proposal at the Constitutional Convention (1787) advocating for a single legislative house with equal representation for each state, contrasting with the Virginia Plan’s representation based on population.

William Paterson

A signatory of the U.S. Constitution, Associate Justice of the Supreme Court, and the second Governor of New Jersey.