Problem: Following data were collected for a retailer:
Cost of goods sold $ 3,500,000
Gross profit $ 700,000
Operating costs $ 500,000
Operating profit $ 200,000
Total inventory $ 1,200,000
Fixed asset $ 750,000
Long-term debt $ 300,000
Assuming 52 business weeks per year, express total inventory as
a. weeks of supply.
b. inventory turnover.