Supply Chain Management (3 marks) The following data are pulled from a recent Walsh Manufacturing annual report. Assets Raw material inventory $70,000 Work-in-process inventory $20,000 Finished goods inventory $110,000 Property, plant & equipment $300,000 Other assets $120.000 Total assets $620,000 Condensed Income Statement Revenue Cost of goods sold Other expenses Net income $1,500,000 $800.000 $500.000 $200,000 Calculate: (a) Inventory turnover (1 mark) (6) Given Toyota Manufacturing has an inventory turnover of 2 in the same reporting year, interpret the inventory turnover of Walsh Manufacturing. (2 marks)