Show me the steps to solve : Department gross sales for the year were $220,000 with customer returns of 10%. During the year these inventories were taken:
Date Inventory Value (Retail)
January 1 $37,000
April 1 36,500
July 1 41,500
October 1 46,500
January 1 of following year 38,500
Find:
a) The average stock for the year.
b) The annual rate of turn.