Curtis Auto Parts takes inventory annually. Beginning inventory for the year was $247,000. Ending inventory for the year was $230,000. Compute the average inventory for Curtis Auto Parts.​

Average Inventory

The mean value of inventory held by a business over a specific period of time, used to evaluate the investment in inventory against sales performance.

Ending Inventory

The complete valuation of items that are up for sale at the end of a financial accounting period.

Beginning Inventory

The value of all the inventory held by a company at the start of an accounting period, before any purchases or sales are made.