The owner of a large machine ship has just finished its financial analysis from the prior fiscal year. The following is an excerps from the final report. Net revenue Cost of goods sold Value of production materials on hand $41,500 Value of work-in-process inventory $31,000 Value of finished goods on hand a. Compute the inventory turnover ratio (ITR). b. Compute the weeks of supply (WS). $22,500 $500,000 $328,250

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 11PB: Production information shows these costs and units for the smoothing department in August. What is...
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The owner of a large machine ship has just finished
its financial analysis from the prior fiscal year. The
following is an excerps from the final report.
Net revenue
Cost of goods sold
Value of production materials on hand $41,500
Value of work-in-process inventory
$31,000
Value of finished goods on hand
a. Compute the inventory turnover ratio (ITR).
b. Compute the weeks of supply (WS).
$22,500
$500,000
$328,250
Transcribed Image Text:The owner of a large machine ship has just finished its financial analysis from the prior fiscal year. The following is an excerps from the final report. Net revenue Cost of goods sold Value of production materials on hand $41,500 Value of work-in-process inventory $31,000 Value of finished goods on hand a. Compute the inventory turnover ratio (ITR). b. Compute the weeks of supply (WS). $22,500 $500,000 $328,250
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