ZYX Co. analyses its inventory turnover every 28 days. The company has the following information for each day for the period 1 November to 28 November 2016 (all figures exclude GST): Date Details Amount $ 1/11/2016 Opening inventory $14,000 14/11/2016 Purchase inventory $12,000 16/11/2016 Cost of Sales (for sales this day) $18,000 17/11/2016 Cost of Sales (for sales this day) $15,000 19/11/2016 Cost of Sales (for sales this day) $8,000 22/11/2016 Purchase inventory $22,000 25/11/2016 Purchase inventory $10,000 There are no inventory gains/losses. 

The average inventory for the period is?

Answer rating: 100% (QA)

To find the average inventory for the period we need to calculate the sum of the opening invent... View the full answer