Reference no: EM133026930
Question - Having sufficient product for customers to choose from is essential in meeting sales goals. Once you have forecast unit sales, you can estimate the amount you have to purchase to meet that goal. It is important to provide customers with enough of a selection so that no sales are lost, while keeping inventory as low as possible. In Entrepreneur, a good inventory/sales ratio is about 0.5. In this assignment, you will calculate inventory/sales ratios, and calculate purchase amounts to meet a target ratio.
1. A firm sold 2000 tops and 1800 pants last quarter, and currently has inventory of 600 tops and 1100 pants. What is the inventory/sales ratio for each? What would be the ideal amount of inventory for each if the target ratio is 0.5?
2. Calculate the target inventory and purchase amount in the table below using a target inventory/sales ratio of 0.5:
Tops Pants
Current Inventory 600 1000
Projected Sales 1900 1800
Target Inventory
Purchase Amount
3. Complete the following table based on your store's current inventory and projected sales for the next quarter. Use a target inventory/sales ratio of 0.5.
Tops Pants
Current Inventory
Projected Sales
Target Inventory
Purchase Amount
4. If the inventory/sales ratio for the quarter is 0.3, how many days inventory does the store have?
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