Category Part Number Average Level Unit Value Raw materials 15,000 $3.00 2 2,500 5.00 3 3,000 1.00 Wark-in-pracess 4 5,000 14.00 5 4,000 18.00 Finished goods 2,000 48.00 7 1,000 62.00
Category Part Number Average Level Unit Value Raw materials 15,000 $3.00 2 2,500 5.00 3 3,000 1.00 Wark-in-pracess 4 5,000 14.00 5 4,000 18.00 Finished goods 2,000 48.00 7 1,000 62.00
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
A firm’s cost of goods sold last year was $3,410,000, and the firm operates 52 weeks per year. It carries seven items in inventory: three raw materials, two work-in-process items, and two finished goods. The following table contains last year’s average inventory level for each item, along with its value.
a. What is the average aggregate inventory value?
b. How many weeks of supply does the firm maintain?
c. What was the inventory turnover last year?
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