Piper manufacturing has a beginning inventory of $77,000 and an ending inventory of $80,000. sales were $280,000. assume that piper manufacturing's markup rate on selling price is 40%. based on the selling price, what's the inventory turnover at cost?

Robert black, regional manager for ford in texas and oklahoma, faced a dilemma. the ford f-150 pickup truck was the best-selling pickup ever, yet ford's headquarters in detroit had decided to introduce a completely redesigned f-150. how could mr. black sell both trucks at the same time? he still had "old" f-150s in stock. in his advertising, mr. black referred to the new f-150s as follows: "not a better f-150. just the only truck good enough to be the next f-150." this statement represents ford's of the new f-150.