Bill Johnson is the materials manager at Bill’s Electric in Lexingoton, Kentucky. Bill is looking for...
Bill Johnson is the materials manager at Bill’s Electric in Lexingoton, Kentucky. Bill is looking for ways to reduce inventories. A recent statement shows the following inventories: raw materials, $5,127,400; work-in-process, $6,432,000; and finished goods, $3,587,200. This year’s cost of goods sold will be about $34.7 million. Assume 52 business weeks per year. Answer following two questions: Show work
1A. What is the raw material inventory
1B. What is work in process inventory
1C. What is the finished goods inventory
1D. Average aggregate inventory value is
1E. Weekly sales is
1F. Express total inventory as weeks of supply.
1G. Express total inventory as Inventory turns.
Homework Answers
Raw material inventory =$5,127,400
Work in process inventory =$6,432,000
Finished goods = $3,587,200
Average aggregate inventory value = Sum of above 3 = $5,127,400+$6,432,000+$3,587,200 =$15146600
Weekly sales = 34700000 / 52 = $667307.7
Weeks of Supply Total aggregate inventory / Weekly sales = 15146600 / $667307.7 = 22.70 weeks
Inventory turns = Cost of Sales / Total aggregate inventory =34700000 / 15146600 = 2.29 turns
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