Problem 1 (80 points total) (chapter 12) Rick Krest is the materials manager at Spencer Electric in Muncie, Indiana. Dave is looking for ways to reduce inventories. A recent statement shows the following inventories: raw materials, $5,127,400; work- in-process, $6,432,000; and finished goods, $3,587,200. This year's cost of goods sold will be about $34.7 million. Assume 52 business weeks per year. Answer following two questions: answer 1A. What is the raw material inventory 20 points (two decimal places) (expressed in dollars) answer 1B. What is work in process inventory 20 points (two decimal places) ( expressed in dollars) answer 1C. What is the finished goods inventory 10 points (two decimal places) ( expressed in dollars) answer 1D. Average aggregate inventory value is 10 points (two decimal places) (expressed in dollars) answer 1E. Weekly sales is 10 points (two decimal places) answer 3 1F. Express total inventory as weeks of supply. 5 points (two decimal places) answer 16. Express total inventory as Inventory turns. (Inventory turnover) 5 points (two decimal places)