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Problem 16-15 (Algo) Net revenue $355,000Cost of goods sold 310,000Value of production materials on hand 42,500 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:
Value of work-in-process inventory 45,000
Value of finished goods on hand 16,500
a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.)
b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.)
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