Sharp's Cutlery takes inventory annually. Beginning inventory for the year was $89,000. Ending inventory for the year was $80,000. Compute the average inventory for Sharp's Cutlery.​

Average Inventory

The mean value of the inventory over a specific time period, calculated by averaging the inventory levels at various times.

Ending Inventory

The overall price of inventory on offer at the termination of an accounting term.

Beginning Inventory

The initial worth of a firm's stock before any transactions, such as buys or sales, happen at the beginning of an accounting cycle.