Question

3. The inventory at Hair of the Dog Pet Supply was $15, 236 on January 1. On July 31 it was $16, 498, and on December 31 it was $17, 232. Find the average inventory for the year.

$16,048
$16,743
$16, 322
$16,576

Answer 1

The correct answer is: A. $16,048

Explanation:

To find the average inventory for the year, we need to add up the inventories for each month and then divide by the number of months.

Total inventory for the year = Inventory on January 1 + Inventory on July 31 + Inventory on December 31

Total inventory for the year = $15,236 + $16,498 + $17,232

Total inventory for the year = $48,966

Now, divide the total inventory by the number of months in a year (12) to find the average inventory:

Average inventory = Total inventory for the year / Number of months

Average inventory = $48,966 / 12

Average inventory ≈ $4,080.50

So, the average inventory for the year is approximately $4,080.50.

Among the given options, the closest value to the calculated average inventory is:

$4,080.50 ≈ $4,048