Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

Exercise 10

The Fabric Mart had cost of goods sold of $884,000 for the year. The beginning inventory at cost was $305,500, and the ending inventory at cost amounted to $414,200. The inventory turnover rate published as the industry standard for a business of this size is five times.
a. What is the average inventory at cost
b. What is the inventory turnover rounded to the nearest tenth
c. What is the target average inventory needed to theoretically come up to the industry standard