Problem 16-15 (Algo) The owner of a large machine shop has just finished Its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue Cost of goods sold Value of production materials on hand Value of work-in-process inventory Value of finished goods on hand a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) Inventory turnover ratio $368,000 317,000 42,500 59,000 23,500 Weeks of supply per year b. Compute the weeks of supply (WS). (Do not round Intermediate calculations. Round your answer to 1 decimal place.)

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Problem 16-15 (Algo)
The owner of a large machine shop has just finished Its financial analysis from the prior fiscal year. Following is an excerpt from the
final report:
Net revenue
Cost of goods sold
Value of production materials on hand
Value of work-in-process inventory
Value of finished goods on hand
$368,000
317,000
42,500
59,000
23,500
a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.)
Inventory turnover ratio
per year
b. Compute the weeks of supply (WS). (Do not round Intermediate calculations. Round your answer to 1 decimal place.)
Weeks of supply
Transcribed Image Text:Problem 16-15 (Algo) The owner of a large machine shop has just finished Its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue Cost of goods sold Value of production materials on hand Value of work-in-process inventory Value of finished goods on hand $368,000 317,000 42,500 59,000 23,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) Inventory turnover ratio per year b. Compute the weeks of supply (WS). (Do not round Intermediate calculations. Round your answer to 1 decimal place.) Weeks of supply
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