SOLUTION: I simply need the formula please I have a list of financial information with a begining Inventory the purchaces and the net sales. Using this information and the retail method of i

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: I simply need the formula please I have a list of financial information with a begining Inventory the purchaces and the net sales. Using this information and the retail method of i      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 206431: I simply need the formula please I have a list of financial information with a begining Inventory the purchaces and the net sales. Using this information and the retail method of inventory I need to estimate the value of the ending inventory. I would like to arrive at the answer on my own. But I cant remember the formula. Thank you for your help.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
Inventory Turnover Ratio=Sales/Inventory
-----------
Inventory Turnover ratio+cost of goods sold/average inventory
---------
Average inventory+beginning inventory+ending inventory/2
---------
Inventory turnover ratio=cost of goods sold at retail/average inventory at retail
--------------
I am not sure any of this will help, but I tried.
Bob