Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Small Business Management Entrepreneurship and Beyond

Authors: Timothy s. Hatten

5th edition

538453141, 978-0538453141

More Books

Students also viewed these General Management questions