Question: ****PLEASE DOUBLE-CHECK ANSWER BEFORE SUBMITTING**** Akers Inc. maintains average inventory of $1,600,000 (at cost). Last year, Akers' sales volume was $16,000,000 and cost of goods

****PLEASE DOUBLE-CHECK ANSWER BEFORE SUBMITTING**** Akers Inc. maintains average inventory of

****PLEASE DOUBLE-CHECK ANSWER BEFORE SUBMITTING****

Akers Inc. maintains average inventory of $1,600,000 (at cost). Last year, Akers' sales volume was $16,000,000 and cost of goods sold was $8,500,000. Akers has determined that its inventory carrying cost is 18 percent annually. (1) What was the inventory turnover rate? (Round your answer to 2 decimal places.) Inventory turnover rate times (2) How much was the inventory carrying cost for the year? (Omit the "\$" sign in your response.) Inventory carrying cost $

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