Lambert's Auto Mart had a beginning inventory of $1,400,800, purchases of $3,078,900, and an ending inventory of $1,600,500. Compute the average inventory.​

Average Inventory

An estimation of the value of inventory over a certain time period, typically calculated by averaging the inventory levels at the beginning and end of the period.

Ending Inventory

The cumulative value of goods prepared for sale by the end of a bookkeeping period.

Beginning Inventory

The value of all the goods available for sale by a company at the start of an accounting period.