Assignment:
A firm has redesigned its production process so that it now takes 8 minutes for a single widget to be made, from the beginning of the process to the end of the process. Using the old process, it took 15 minutes to make a single widget. If the production flow rate is 20 widgets per hour on average, and each widget is valued at $800, what is the reduction in inventory value (WIP) after redesigning the production process?
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.