Business math help

Question

An office furniture store has an inventory of $547,912.34. This is a 22% increase from last year's ending figure. Determine last year's amount of closing inventory.

Answer 1

L * 1.22 = 547,912.34

 

L * 1.22 / 1.22 = 547,912.34 / 1.22

 

L = 449,108.47540, or $449,108.48

 

Checking our answer:

449,108.48 * 1.22 = 547,912.3456, or $547,912.34

Answer 2

Given  :  Ending inventory this year  :  $547,912.34

 

Given  :  Ending inventory this year  :  22% increase over last year

 

 

Question   :   Determine last year's inventory   :  Answer   :   $449,108.48

 

Solution   :    $547,912.34/1.22