Steve's Auto Shop began the year with an inventory of $12,050. Purchases during the year totaled $70,600.

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Steve's Auto Shop began the year with an inventory of $12,050. Purchases during the year totaled $70,600. The inventory at the end of the year was $13,530.

a. What was the cost of goods sold?

$

b. What was the average inventory?

$

c. What was the turnover? Round your answer to two decimal places.

Related Book For answer-question

Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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Posted Date: Feb 24, 2024 08:26 AM

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Steve's Auto Shop began the year with an inventory of $12,050. Purchases during the year totaled $70,600.

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Steves Auto Shop Inventory Analysis a Cost of Goods Sold COGS We can find the COG... View the full answer

Horngrens Accounting

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