The following data are pulled from a recent Walsh Manufacturing annual report. Assets Raw material inventory Work-in-process inventory Finished goods inventory Property, plant & equipment Other assets Total assets Condensed Income Statement Revenue Cost of goods sold Other expenses Net income $60,000 $10,000 $80,000 $500,000 $80,000 $730,000 $1,750,000 $900,000 $400,000 $450,000 Calculate: (a) Inventory turnover (1 mark) (b) Asset turnover (1 mark) (b) Given Toyota Manufacturing has an inventory turnover of 2 in the same reporting year, interpret the inventory turnover of Walsh Manufacturing. (2 marks) Answer: