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Question - Jerry's Hardware sells a range of bulk commodities such as sand, soil, gravel and the like. For these bulk commodities the periodic inventory system is used. A stocktake is conducted every month to determine the value of closing stock for the monthly financial report.
The average inventory turnover rate for the industry is 8.1 times per year.
Jerrys' Hardware financial statements for the year ended 30/6/20X1 show the commodity sand had the following figures:
Opening inventory 1/7/X0 $110,000
Total purchases $650,000
Closing inventory as per stocktake 30/6/X1 $126,000
Required - Calculate the Inventory turnover rate showing: Inventory Turnover Formula. The number of times per year inventory on average turns over (turnover rate, to 2 decimal places). The number of days holding that the turnover rate calculated.
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