The inventory is being held on average is $80,400.
What is Inventory Management?
The process of ordering, storing, using, and selling a company's inventory is referred to as inventory management. This covers the storage and processing of such commodities as well as the management of raw materials, components, and completed goods.
One of a company's most crucial assets is its inventory. The core of an organization's activities in sectors with substantial inventories, such as retail, manufacturing, food services, and others, is its raw materials and completed items. A shortage can be quite damaging depending on when and where merchandise is required.
The inventory turnover ratio. In order to calculate the average amount of inventory, the sales volume (at cost) is divided by the quantity of turns.
=($1,447,200/18)
= $80,400
So,the average inventory is $80,400
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