Russell Lid'inventory tumover for 2023 was 4.5. The beginning inventory for 20x3 was 531398 and the...

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Answer 1

Answer #1

Inventory Turnover = Cost of Goods Sold/Average inventory

Cost of Goods Sold/[(31398+68204)/2] = 4.5

Cost of Goods Sold/49801 = 4.5

Cost of Goods Sold = 4.5*49801

= 224105

Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory

224105 = 31398 + Purchases - 68204

224105 = purchases - 36806

Purchases = 224105 + 36806

= 260911

Option B is the answer

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Answer 2

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