Chuck Conlon is the materials manager at Spencer Electric in Muncie, Indiana. Chuck is looking for...
Chuck Conlon is the materials manager at Spencer Electric in Muncie, Indiana. Chuck 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 50 business weeks per year.
A. What is the raw material inventory
B. What is the finished goods inventory
C. What is work in process inventory
D. Average aggregate inventory value is
E. Weekly sales is
1F. Express total inventory as weeks of supply
1G. Express total inventory as Inventory turns. (inventory turnover
Homework Answers
A. What is the raw material inventory
raw material inventory = $5,127,400
B. What is the finished goods inventory
finished goods inventory = $3,587,200
C. What is work in process inventory
work in process inventory = $6,432,000
D. Average aggregate inventory value is
$5,127,400+$3,587,200+$6,432,000 = 15146600
E. Weekly sales is (34.7*10^6)/50 = 694000
1F. Express total inventory as weeks of supply
Weeks of supply = Average aggregate inventory value/weekly sales (at cost) = 15146600/694000 = 21.82507205
1G. Express total inventory as Inventory turns.
Inventory turns = Annual sales at cost/Average aggregate inventory
value = (34.7*10^6)/15146600 = 2.290943182
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