Question

I’m doing fill in the blank for inventory turnover. I got the 1st one right

BI $300.00 Purchases $1200 CSG $1200 EI $300 inventory turnover 4.0 and days is 91.3 which is right. (B). BI $290 purchases is blank CGS $2000 EI is blank, turnover 10% days do sell 36.5. I need help on the blank ones

Answer 1

1)
Beginning inventory	300
Add: purchases (1200+300-300)	1200
Less : Ending inventory (as calculated below)	300
Cost of goods sold	1200
Inventory turnover( Cost of goods sold/Average inventory)
4=(1200/Average inventory)
Average inventory=1200/4	300
Average inventory=(300+Ending)/2
Ending=300*2-300	300
2)
Beginning inventory	290
Add: purchases (2000+110-290)	1820
Less : Ending inventory (as calculated below)	110
Cost of goods sold	2000
Inventory turnover( Cost of goods sold/Average inventory)
10=(2000/Average inventory)
Average inventory=2000/10	200
Average inventory=(290+Ending)/2
Ending=200*2-290	110