Question
IKI Furniture Company sells industrial furniture for office buildings. During the current year, IKI reported cost of goods sold on its income statement of $10,000,000.
IKI Furniture Company sells industrial furniture for office buildings. During the current year, IKI reported cost of goods sold on its income statement of $10,000,000. IKI's raw material inventory is $1,500,000; work-in-process inventory is $700,000; and finished goods inventory is $1,800,000. How much IKI's inventory turnover and Donny's turnover and how many weeks the inventory will stay in the system? (assume there are 52 weeks in a year)
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