Lean manufacturing and just-in-time inventory approach

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Reference no: EM132304327

1. If your cost of goods sold for the year was $1,000,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?

2. Give an example of complementary products and substitute products, other than the ones shown in the textbook.

3. Explain the relationship between Lean Manufacturing and a Just-In-Time inventory approach.

Reference no: EM132304327

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