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Question 3 0.2 pts Gold Standard Works operates 52 weeks per year, and its cost of goods sold last year was $11,828,288. The firm
Question 3 0.2 pts Gold Standard Works operates 52 weeks per year, and its cost of goods sold last year was $11,828,288. The firm carries eight items in inventory: four raw materials, two work-in-process items, and two finished goods. The following table shows last year's average inventory levels for these items, along with their unit values. Average Inventory Value per Category Part Number Raw materials Units unit RM-1 22,000 $1 RM-2 5,000 $5 RM-3 2,000 $9 RM-4 800 $10 Work-in-process WIP-1 3,000 $20 WIP-2 4,000 $24 Finished goods FG-1 1,000 $57 FG-2 500 $88 What was the inventory turnover last year? (Enter your response rounded to one decimal place.)
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