The Ozzie Chocolate Company is a small candy manufacturer that specializes in dark chocolate candies. The firm has grown rapidly in recent years and is becoming concerned that its supply chain is less efficient than it should be. In particular, it's concerned about its level of inventory. Below is data from its annual report. Analyze the data and answer the following question.
|
Net Revenue
|
$22481
|
|
Cost of Goods Sold
|
$31047
|
|
Raw Material Inventory
|
$8282
|
|
Work-In-Process Inventory
|
$9314
|
|
Finished Goods Inventory
|
$2979
|
|
Non-Inventory Assets
|
$44233
|
Calculate the inventory turnover metric for this data. Your answer should have three (3) decimal places in it.