The owner of a large machine shop has just finished its financial analysis from the prior fiscal

Question:

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 .......... $ 375,000
Cost of goods sold........ 322,000
Value of production materials on hand . 42,500
Value of work- in- process inventory .. 37,000
Value of finished goods on hand .... 12,500
a. Compute the (ITR).
b. Compute the weeks of supply (WS).

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...