(Solved): 1. Akers Inc. maintains average inventory of $1,000,000 (at cost). Last year, Akers sales volume wa ...

1. Akers Inc. maintains average inventory of $1,000,000 (at cost). Last year, Akers sales volume was $10,000,000 and cost of goods sold was $7,000,000. Akers has determined that its inventory carrying cost is 15% annually. What was the inventory turnover rate? How much was inventory carrying cost for the year?