A Company Has an Inventory Turnover Ratio of 2

question 67

Short Answer

A company has an inventory turnover ratio of 2.81,merchandise inventory for 2014 of $93,303,and average inventory of $83,397.What is the cost of goods sold?

Differentiate between goods and services in the context of Operations Management.

Acknowledge the current trends and developments in Operations Management.

Understand the role and application of Operations Management in service industries.

Appreciate the impact of industrial engineering, management science, and information technology on Operations Management.

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Definitions:

Emancipation

The legal relinquishment by a child’s parents or guardian of the legal right to exercise control over the child. Usually, a child who moves out of the parents’ home and supports himself or herself is considered emancipated.

Family Law

Law relating to family matters, such as marriage, divorce, child support, and child custody.

Medical Care

The provision of health services by health professionals to treat and maintain the physical and mental well-being of individuals.

Family Law

a branch of law dealing with matters related to family relationships, such as marriage, divorce, child custody, and adoption.