Using the following annual information, calculate inventory turnover for (1) raw materials inventory, (2) work-in-process inventory, and (3) finished goods inventory.
Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000
Ending raw materials inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Ending work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Beginning finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
Beginning work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Beginning raw materials inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
Ending finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000
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