8...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 $ 348,000

Cost of goods sold 305,000

Value of production materials on hand 42,500

Value of work-in-process inventory 67,000

Value of finished goods on hand 27,500

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.)