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Refer to the information below relating to Gene's restaurant. Product Inventoried Beginning Inventory Ending Inventory Food $11,300 $8,700 Beverage $5,750 $6,250 Product Usage Cost of
- Refer to the information below relating to Gene's restaurant.
| Product Inventoried | Beginning Inventory | Ending Inventory |
| Food | $11,300 | $8,700 |
| Beverage | $5,750 | $6,250 |
| Product Usage | ||
| Cost of Food Used | $122,000 | |
| Cost of Beverage Used | $28,000 |
- What was the average food inventory for Gene's operation?
- What was the average beverage inventory for Gene's operation?
- How many times did Gene turn his food inventory in the accounting period?
- How many times did Gene turn his beverage inventory in the accounting period?
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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
111950242X, 1-119-50242-5, 978-1119502425
