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The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue Cost of goods sold $353,000 308,000 Net revenue Cost of goods sold Value of production materials on-hand Value of work-in-process inventory Value of finished goods on-hand $353,000 308,000 42,500 65,000 26,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) Inventory turnover ratio per year b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.) Weeks of supply 21.01