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Bill Johnson is the materials manager for Bill's Electric in Lexingoton, Kentucky. Bill is looking...
Bill Johnson is the materials manager for Bill's Electric in Lexingoton, Kentucky. Bill is looking for ways to reduce inventories. A recent bank statement shows the following inventories: raw materials, $5,127,400; work in progress, $6,432,000; and finished goods, $3,587,200. Cost of goods sold this year will be approximately $34.7 million. Assume 52 work weeks per year. Answer the following two questions: Show work
1A. What is raw material inventory?
1 B. What is work in process?
1 C. What is finished goods inventory?
1D. The average earned value of the inventory is
1 AND. Weekly sales are
1F. Express total inventory as weeks of supply.
1g. Express total inventory as inventory turns.
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Raw material inventory = $5,127,400
Inventory in process = $6,432,000
Finished Goods = $3,587,200
Aggregate average inventory value = sum of the 3 above = $5,127,400 + $6,432,000 + $3,587,200 = $1,5146,600
Weekly sales = 34700000 / 52 = $667307.7
Aggregate Inventory Weeks Total Supply / Weekly Sales = 1,5146,600 / $667,307.7 = 22.70 weeks
Inventory turns = Cost of sales / Total aggregated inventory = 34700000 / 15146600 = 2.29 turns
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