Question: Chapter 6, Question 3 Product Inventoried Beginning Inventory Ending Inventory Food $11,300 $8,700 Beverage $5,750 $6,250 Product Usage Cost of Food Used $122,000 Cost of

Chapter 6, Question 3
Product Inventoried Beginning Inventory Ending Inventory
Food $11,300 $8,700
Beverage $5,750 $6,250
Product Usage
Cost of Food Used $122,000
Cost of Beverage Used $28,000
AVERAGE INVENTORY
Food
Beverage
INVENTORY TURNOVER
Food
Beverage

a. What was the average food inventory for Genes operation?

Answer:

b. What was the average beverage inventory for Genes operation?

Answer:

c. How many times did Gene turn his food inventory in the accounting period?

Answer:

d. How many times did Gene turn his beverage inventory in the accounting period?

Answer:

e. What would likely be the cause of the difference between Genes food and beverage inventory turnovers?

Answer:

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