2. Bragg Johnson, materials manager at Johnson & Sons, has determined that a certain product experienced 3.8 turns last year, with an annual sales volume (at cost) of $975,000. What was the average inventory value for this product last year? What would be the average inventory level if inventory turns could be increased to 6.0? 3. Andrew Manufacturing held an average inventory of $1.1 million (raw materials, work-in-process, finished goods) last year. Its sales were $8.0 million, and its cost of goods sold was $5.8 million. The firm operates 260 days a year. What is the inventory days supply? What target inventory level is necessary to reach a 20- and 10-day inventory days supply during the next two years? 4. As an operations management consultant, you have been asked to evaluate a furniture manufacturer's cash-to- cash conversion cycle under the following assumptions: sales of $23.5 million, cost of goods sold of $20.8 million, 50 operating weeks a year, total average on hand inventory of $2,150,000, accounts receivable equal to $2,455,000, and accounts payable of $3,695,000. What do you conclude? What recommendations can you make to improve performance? 5. Using the data in problem 4, assume the operating manager reduces total average inventory on-hand by 21 percent by using better operations and supply chain methods. What is the revised cash-to-cash