Rainy Day Umbrellas takes inventory quarterly. Beginning inventory for the year was $18,200. Inventory at the end of the first quarter was $15,400; at the end of the second quarter, $13,600; at the end of the third quarter, $17,500; and at the end of the year, $19,300. Compute the average inventory for Rainy Day Umbrellas.​

Average Inventory

The mean stock held by a company over a certain period, calculated by adding the beginning and ending inventory and then dividing by two.

Beginning Inventory

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

End of Quarters

The conclusion of each quarter in a fiscal year, significant for financial reporting and assessment.